San Bernardino Real Estate on the Rise: July 2024 Sees Property Values Peak Amid Fluctuating Market Dynamics

As we stepped into 2024, San Bernardino witnessed a steady rise in average property values from January, starting at $450,000, peaking in May at $500,000, and slightly retracting to $489,450 by July. This upward trend indicates a growing interest and valuation in the area’s real estate, notwithstanding a minor dip mid-year. Similarly, the average sale price per square foot saw incremental growth, beginning the year at $356 and modestly climbing to $357 by July.

Contrasting this growth, the number of sold homes displayed a subtle decrease. In July 2024, the figure stood at 1,601 properties, down from 1,662 in August 2023. This decline might suggest a tightening market or possible shifts in buyer sentiments and market dynamics.

San Bernardino Current Market Snapshot – July 2024

Delving into the specifics for July 2024, San Bernardino shows an average property value of $489,450, with the average property sale price slightly lower at $479,516. This close range indicates a market where properties are selling near their listed values—a healthy sign for the market. However, the sale price per square foot has climbed to $357, suggesting that space within the city is becoming more valuable or that smaller, higher-value properties are making up a larger share of sales.

Property sales continue robustly, with 1,601 transactions completed in July alone, reflecting sustained buyer interest despite the year’s overall downward trend in sales volume.

Comparison with Nearby Cities

When put side by side with nearby cities like Crestline, Cedarpines Park, Twin Peaks, Rimforest, and Rialto, San Bernardino’s real estate market presents both contrasts and parallels. For instance, Rialto recorded a higher average property value at $546,000 in July 2024, while Twin Peaks reported a lower figure at $350,000. This suggests a diverse range of investments and property values in adjacent areas, influenced possibly by location-specific factors such as amenities and geographic desirability.

In terms of sale prices, Rialto again topped with an average sale price per square foot of $376, outpacing other cities, including San Bernardino. This could highlight Rialto’s robust market demand or possibly a higher quality or newer inventory of listings compared to its neighbors.

Lastly, transaction activity across these cities varied, with Rialto seeing 587 properties sold, significantly higher than much smaller figures like Rimforest’s 12 sales, showcasing the larger market scale and buyer interest in different locales.

Recent Transactions and Foreclosure Insights

The last six months have seen San Bernardino register a median sale price of $460,000, ascending from $445,000 observed over the last year. This growth in values over a yearly perspective underscores an appreciating market. The transaction count for the last six months stood at 900, a noticeable drop from 1,813 transactions in the past year, possibly indicating a shift towards a seller’s market with fewer, but more valuable deals.

Regarding distressed properties, San Bernardino has recorded 182 foreclosures with a median property value of $495,000. There are also 151 properties in pre-foreclosure, indicating a significant segment of the market is under financial strain, which could impact future values and market stability.

By examining these detailed aspects of San Bernardino’s real estate market and its surrounding areas, potential buyers and investors can make informed decisions, leveraging the upward trends and navigating through the market’s complexities and opportunities as they evolve.