Landlord Tips & Tricks

July 28, 2024

Ventura, CA - Real Estate Market Overview 2024

Zoe Harper

Marketing

The real estate scene in Ventura, CA, is thriving and vibrant now. The median sale price has hit $943,000. This is a jump of 10.9% from last year as of June 2024¹. It shows how property values in the coastal city are climbing, making Ventura a key spot for investors.

Also, homes in Ventura are being snapped up faster than before. On average, a house is on the market for just 37 days¹. This eagerness in the market means homes in Ventura don't stay up for sale for long. In the month of June 2024 alone, 70 homes were sold¹. This is a rise from the 63 homes sold the year before. So, the number of homes being bought is going up.

If you're keen to dig deeper into what’s happening in Ventura's real estate, take a look at the full market report.

Key Takeaways

Median sale price in Ventura, CA, increased by 10.9% year-over-year to $943,000.
Homes are selling faster, with an average of 37 days on the market.
Sales volume rose, with 70 homes sold in June 2024 compared to 63 last year.
The market hotness score for Ventura in June 2024 was 67.7¹.
Ventura's real estate market is dynamic, with rapidly increasing property values.

Current Housing Market Trends in Ventura, CA

The housing market in Ventura, CA is seeing big changes. Prices are going up and the situation changes a lot. In June 2024, the average price to buy a home in Ventura reached $943,000. This is a big jump of 10.9% from last year². It shows how much home values are growing in Ventura.

Median Sale Price Trends

Median sale prices keep going up, showing Ventura's real estate strength. In April 2024, the average home price was $875,000. That's a 7.36% increase from the year before¹. This growth points out how people really want homes here but there aren't many new ones available.

Days on Market

Homes in Ventura are taking longer to sell, despite higher prices. By June 2024, homes stayed on the market for 33 days, up from 26 days previously². More recently, they have been taking 37 days to sell². This means homes aren't selling as fast as they used to.

Comparison with Previous Year

Looking over the past year shows both ups and downs. While prices went up, so did the number of homes sold, from 63 to 70². This means people are still eager to buy in Ventura, despite the higher costs.

For more info on Ventura's housing market trends, check out this Ventura County Star article ².

Housing Prices in Ventura, CA

The real estate market in Ventura, CA has grown a lot in the last year. Ventura home values have been going up steadily. Investing in Ventura could be smart because more people want to live there.

Overall Price Increased

Home prices in Ventura have risen by 10.6% in the past year, reaching $864,611. The price per square foot now is $546.

Price by Number of Bedrooms

Prices in Ventura change depending on how many bedrooms a home has:

1-bedroom homes are now $479,000, a 9.1% increase.
2-bedroom homes have reached $609,000, up 7.8%.
3-bedroom homes rose 9.0%, to $850,000.
4-bedroom homes went up to $995,000, a 9.3% hike.
5+ bedroom homes dropped 7.7%, to $1.2 million.

Comparison with Nearby Cities

Comparing Ventura’s price growth to nearby cities, it stands out with a 10.6% increase. This is higher than Ojai-Mira Monte’s 7.2% and Oxnard’s 7.1% rises. San Buenaventura went up by 10.8%, showing its desirability.

Is Ventura, CA a Buyer's or Seller's Market?

The Ventura housing market shines as a Seller's Market since June 2023. Prices are up, and homes sell quickly³. This means demand is high and supply is low, making it great for sellers.

Current Market Classification

Right now, Ventura is a paradise for sellers, thanks to lots of buyer interest. Homes have been selling for 6.7% more than last year³. This keeps Ventura firmly in the seller's corner.

Market Trends Analysis

Home prices in Ventura have been climbing. In fact, they've gone up 22.7% compared to nearby Santa Barbara County³. Even more impressive, 44.5% of homes sold for more than their list price last month³. This shows how competitive the market is.

Predictions for Buyers and Sellers

Future looks bright for sellers in Ventura. Prices are expected to keep rising⁴. Buyers must act fast to grab a home. This signals a win for those selling and a challenge for buyers⁴.

Housing Supply in Ventura, CA

The housing supply in Ventura, CA has been slightly changing recently. From May to June 2024, there was a 1.1% increase in available homes with various property types showing different changes⁵. 1-bedroom homes saw a big drop of 33.3%. Meanwhile, the number of 4-bedroom homes went up by 11.8%⁵.

In June 2024, the median time homes stayed on the market was 33 days. This is 5 days less than the year before⁶. The active listings count went up by 15.74%, making it 967 homes available. The new listings slightly grew by 0.91% to 664, an increase from the previous year click here ⁶.

The median listing price was $1,125,000 in June 2024. This was a 5.78% decrease from last year⁶. A slight drop in price per square foot was also seen, landing at $572, down by 1.06%⁶.

For homebuyers and investors, understanding these market changes is crucial. In June 2024, Ventura had a Market Hotness Score of 67.7. The Supply Score was 77.43 with a Demand Score of 57.92⁶. These numbers show a moderately competitive market, affecting both prices and competitiveness.

For those interested in Ventura's real estate market, these updates are key for spotting trends. For more in-depth information, here's a detailed report.

Asking Price vs. Sold, Price

The real estate market in Ventura, CA, is really interesting right now. There's a big demand which makes it important to see how asking prices and sold prices match up.

Selling Above Asking Price

About 47.1% of homes in Ventura County sold for more than their asking price last month. It shows how fierce the competition is among buyers⁷. This means homes are selling for more than they're listed, because so many people want to buy them.

Selling at Asking Price

However, not as many homes sell right at the list price. This shows that sellers have the upper hand in negotiations⁷. In Ventura, the sale-to-list price ratio favors sellers, showing a market that benefits them.

Selling Below Asking Price

About 30.3% of homes still sell for less than the asking price as of May 31, 2024. This means there are still chances for buyers to find good deals. The median sold price in June 2024 was $854,324, which is a 6.7% increase from last year⁸. These numbers give us a closer look at how the real estate market in Ventura is doing.

For more detailed trends, check this Ventura County Real Estate Trends ⁸.

Median Days on Market for Ventura, CA Homes

The Ventura real estate market is always changing. Homes now take about 11 days to sell, as of June 30, 2024. This shows us that many homes are selling fast.

Breakdown of Home Sale Times

In Ventura, 49 properties were sold in less than a month². But, selling times vary. For 17 homes, it took 30 to 90 days. A few even stayed on the market for over 90 days². This variety tells us sales times can differ widely.

Factors Affecting Sale Time

Several things impact how quickly Ventura homes sell. Houses in popular areas often sell faster². Setting the right price from the start is also key for quick sales². Plus, the overall economy and market trends can hurry or delay buyers.

To learn more about Ventura's real estate, including average selling times, check out the full market analysis ¹.

Inventory and New Listings Overview in Ventura

As of June 30, 2024⁹, the Ventura real estate market is bustling. There are 180 homes listed for sale, and 90 new ones have just been added. This shows a strong cycle of demand and supply. Such activity means the market is balanced, good news for both buyers and sellers.

The day-to-day increase in Ventura's property listings shows a strong economy. Even with a slight drop in leases¹⁰, things look good. But, in places like Camarillo, there's been a big 39.7% fall in existing home sales. This highlights differences across the county¹¹.

Overall, Ventura County sees some ups and downs. It's in its fourth quarter of negative net direct absorption. Yet, because of more subleasing, there's a bit of a positive twist⁹. The steady vacancy rate of 3.4% and a yearly increase of 70 basis points are important. They help us understand the real estate scene here ¹⁰.

In Ventura County, the consistent flow of new listings is encouraging¹¹. This influx shows the strength of the Ventura market. For a full market view, we need to keep an eye on this and the current listings.

Investment Opportunities in Ventura's Housing Market

Ventura, CA, is rich with investment options thanks to its varied communities and rising real estate demand. Its close location to the Pacific Ocean attracts long-term dwellers and many tourists. This adds to Ventura's allure and its opportunities for investment¹².

High Demand Areas

Downtown Ventura is especially sought-after for its lively city life and strong investment potential¹². East Ventura appeals to families and older adults with its quiet, residential feel. It promises large homes and profitable rental opportunities¹². Midtown Ventura, with its healthcare centers and shops, strikes a perfect balance of comfort and convenience for investors¹². Lastly, Westside Ventura is known for its creative vibe and economic strength, making it attractive for real estate investments¹².

Future Growth Potential

Real estate prices in Ventura are on the rise, showing strong growth prospects. For example, the highest property price in Ventura jumped to $801,698 by December 2024. It reached $829,494 by December 2026, and $863,703 by October 2028¹³. These increases highlight Ventura's potential and a bright future for investors.

Key Investment Considerations

When looking into Ventura for investment, there are important factors to keep in mind. Watching the sale-to-list ratio and understanding the market's dynamics are key. With its various neighborhoods, in-demand properties, and expected growth, Ventura offers both charm and great return opportunities¹².

Conclusion

The Ventura, CA real estate market has stood strong through tough times. Homes there now have a median price of $835,000 as of April 2024. That's a 4% jump in the last two years, even after a big 35% increase from 2020 to 2022¹⁴. This shows that people really want homes in Ventura. Though, home sales are moving slower than they have in 37 years. This points to a big gap between how many homes are available and how many people want them¹⁴.

Buying a home in Ventura is tough for a lot of people. Only 15% of households in Ventura County can afford to buy a home¹⁴. This makes it hard for both buyers and sellers. Buyers should get a mortgage pre-approval to strengthen their position. They should also get ready for some tough competition¹⁵. It’s smart to check the home carefully after making an offer to avoid any surprises¹⁵.

Knowing what’s happening in Ventura’s real estate scene is key for those involved. Sellers have the upper hand right now. They can ask for high prices because many people want homes but there aren’t many available¹⁵. Investors should look at areas with a lot of demand. Ventura is appealing for its lively community and great living standards. This attracts families, professionals, and those looking to retire¹⁵. With the right planning and help from pros, tackling Ventura's real estate market can be rewarding.

FAQ

What is the current median sale price of homes in Ventura, CA?

As of June 2024, the median sale price of homes in Ventura, CA, hit $943,000, a growth of 10.9% from last year.

How many days do homes typically stay on the market in Ventura?

Homes in Ventura now stay on the market for 37 days on average. This is longer than last year's 26 days.

How does the current sales volume in Ventura compare to last year?

In June 2024, 70 homes were sold, showing a slight jump from 63 homes sold the year before.

Are home prices rising for all bedroom types in Ventura?

Prices went up for most homes except those with 5+ bedrooms which fell in price. For 1-bedroom homes, prices rose 9.1% to $479,000. Prices for 2-bedrooms grew 7.8% to $609,000. And 3-bedrooms saw a 9.0% increase to $850,000. Meanwhile, 4-bedrooms rose by 9.3% to $995,000.

On the other hand, homes with 5+ bedrooms dropped 7.7% to $1.2 million.

How does Ventura’s year-over-year price increase compare to nearby cities?

Ventura's prices rose by 10.6%, slightly more than Ojai-Mira Monte's 7.2% and Oxnard's 7.1%. San Buenaventura is almost the same at 10.8%.

Is Ventura currently considered a buyer’s or a seller’s market?

With higher prices and faster sales, Ventura is a Seller's Market right now.

How many homes in Ventura sold above asking price recently?

Last month, nearly half the homes, 47.1%, sold for more than their listed price.

How long do most homes stay on the market before selling?

The median time on the market before a sale is now 11 days. Nearly 49 homes were sold in less than 30 days.

What are the key factors affecting the time it takes to sell a home in Ventura?

The time it takes to sell depends on market demand, pricing, and the economy. Buyers tend to decide faster due to these factors.

What is the current inventory of homes for sale in Ventura?

There are 180 homes for sale and 90 new listings as of the end of June 2024. This shows a vibrant market.

What should investors consider when evaluating opportunities in Ventura’s housing market?

Investors should look at the sale-to-list ratio, sales trends, and how long homes stay on sale. They should also consider areas in high demand and those expected to grow.