Market Report: Modesto California, May 2024

Overview of the Modesto Real Estate Market

As we look at the real estate market of Modesto, California, as well as the performance of nearby cities, several key trends emerge from the first quarter of 2024.

Modesto’s housing market has shown resilience, with the average value of properties experiencing a modest growth between January and April 2024. Despite a short-lived dip in July 2023, the average property value climbed from $440,000 in January to $449,500 in April, marking a 2% increase.

Here is a market overview as of 5/30/2024

However, the number of sold properties has seen a slight decrease within this timeframe, dropping from 2,018 in January to 1,932 in April—a marginal decline of around 4%. This discrepancy between rising average values and a falling sales count suggests a competitive market environment where demand may outpace supply.

Interestingly, while there’s been an uptick in average values, the average sale price has shown a slight dip, decreasing from $435,452 in January to $436,000 in April.

Meanwhile, the average value per square foot has decreased from $306 to $266 over the reporting period, yet the average sold price per square foot has stayed relatively level, hovering around $286 to $287, suggesting consistent buyer willingness to pay per unit area despite the lower overall per square foot value.

See also:

• Riverside Real Estate Value Soars, Average Property Hits $675K in April 2024

Real Estate Market in Nearby Cities

Looking at surrounding cities, Ceres stands out with a stark increase in average value—jumping from $450,000 in March to $750,000 in April, a substantial 67% rise within a month.

Riverbank saw its average sold per square foot value maintain at $290 from February to April.

As of April 2024, average property values were $449,500 and average per square foot values hovered around $266,with 30 homes for sale available. The average sale price was $436,000 with an average per square foot rate of $287, affirming a fairly balanced market despite the sales count tapering to 1,932.

To put this in perspective, in Ceres, the average value soared to $750,000 with a higher per square foot rate of $330. Although only 2 properties were available for sale, the average sale price was $430,168 for 224 the homes that sold recently.

• Salida reported a single property listed at $549,000, higher than Modesto’s average, with a corresponding per square foot rate of $268. 104 properties changed hands with an average per square foot sale price of $310, indicating robust property values.
• Riverbank experienced a notable average value of $482,000 with a substantial per square foot value of $302 and a consistent average sold per square foot rate of $290 for its 165 sold properties.
• Ripon held the highest average value at $799,000 despite a lower per square foot value of $231, suggesting larger property sizes; however, its average sale price per square foot peaked at $335 across 149 transactions, spotlighting premium valuation.
• Lastly, Patterson portrayed an average value of $572,500, the lowest per square allotted rate of $213, with a slightly higher average sold per square foot rate of $233 among 178 properties sold, perhaps an indicator of a more affordable segment in comparison to its counterparts.

Each city’s real estate market operates with nuances. As observed, while Modesto’s general trends showcase growth in values and a steady average sale price, nearby cities fluctuate, painting a complex picture of the region’s market landscape for prospective buyers and sellers.