Pacific Palisades Real Estate Market Update – Fall 2024
The Kelley | Westbrook Group has been actively involved in the Pacific Palisades real estate market for years, and as we move into the fall season, we continue to observe robust market activity. Although there has been a slight dip in home sales recently, the market remains competitive, providing both opportunities and challenges for buyers and sellers.
In September 2024, the median sale price in Pacific Palisades was just under $3.6 million, reflecting a 7% decrease from the previous month. Despite this decline, the median price per square foot increased by 13.5% month-over-month, indicating that while overall home prices may have softened, buyers are willing to pay more for space, possibly due to demand for premium locations or upgraded properties.
Homes in Pacific Palisades are still receiving an average of three offers each and selling within about 43 days, demonstrating continued interest and a competitive buying environment. Additionally, there has been a marginal uptick in inventory, which is providing more options for prospective buyers. This increase in available homes could help balance the market, making it slightly less competitive for those entering the market this season.
A recent decision by the Federal Reserve to cut interest rates by 0.5% has brought the average 30-year fixed mortgage rate to around 6.2%, down from its peak of 7.79% in October 2023. This drop in rates is a positive sign for the overall housing market, as lower borrowing costs are expected to fuel higher demand and make homeownership more accessible to a broader audience.
The Pacific Palisades real estate market, while experiencing some shifts, remains a desirable area with robust activity. The Kelley | Westbrook Group is committed to guiding clients through these changing dynamics and helping them make informed real estate decisions.
