As of June 2024, Ventura’s housing market is experiencing a stabilization in home prices. Here are key trends:
Current Home Prices and Trends
- Median Home Price: The median home price in Ventura is $842,170. This represents a slight year-over-year increase of about 1% (Redfin) (Redfin).
- Price Per Square Foot: The average price per square foot is approximately $603, which is consistent with last year’s rates (Redfin).
- Sale-to-List Price Ratio: Homes in Ventura are selling at roughly 100.2% of their listing prices, indicating strong market competition, though this ratio has decreased slightly from the previous year (Redfin) (Redfin).
- Time on Market: Homes are typically on the market for 33 days before being sold (Redfin).
Market Dynamics
- Price Trends: A significant number of homes, around 19.5%, have had price reductions, suggesting some sellers are adjusting expectations in response to market conditions (Redfin) (Redfin).
- Sales Above List Price: About 47.2% of homes are selling above their list price, a decline from last year’s 57.6%, indicating a slightly cooling demand (Redfin).
Buyers and Sellers Activity
- Buyer Migration: The majority of potential buyers are local, with only about 21% searching from outside Ventura. Many are coming from areas like San Francisco and Seattle (Redfin) (Redfin).
- Outbound Movement: Locals are frequently moving to nearby areas such as San Diego and Las Vegas (Redfin).
Outlook
The Ventura housing market shows signs of steadying with moderate price increases and a high sale-to-list price ratio. However, with the cooling demand indicated by fewer homes selling above list price and increased price reductions, buyers might find more opportunities for negotiation compared to previous years.