Welcome to our specialized guide on Rancho Santa Fe real estate. If you're contemplating a home purchase in this exclusive area, it's essential to grasp the current market trends. Our objective is to provide a clear, concise, and professional overview of the Rancho Santa Fe housing market, enabling you to make an informed decision in your real estate endeavors.
As of October 2023, the key trends in Rancho Santa Fe include:
- Median Sale Price: Homes in Rancho Santa Fe have a median sale price of $4.3 million, maintaining the same level as last year.
- Time on Market: The average time homes spend on the market is now 70 days, improving from 99 days last year.
- Market Activity: There were 9 homes sold in October 2023, a decrease from 12 homes sold in the same month last year.
- Price Per Square Foot: The median sale price per square foot in Rancho Santa Fe is an impressive $1.06K, showing a substantial increase of 34.1% from last year.
- Competitiveness: The Rancho Santa Fe market is currently not very competitive. Homes typically sell in about 60 days.
- Offer Trends: Multiple offers are rare in this market, with average homes selling for around 5% below the listing price.
- Demand for Prime Properties: Desirable or 'hot' homes may sell closer to their listing price and can go pending in approximately 17 days.
Migration and Relocation Patterns
- Local vs. Out-of-Area Interest: From August to October 2023, 29% of homebuyers in Rancho Santa Fe looked to move out of the area, while a significant 71% preferred to stay within the metropolitan area.
- Inbound Interest: Nationally, about 2% of homebuyers are considering moving to Rancho Santa Fe, particularly from Los Angeles, San Francisco, and Washington.
- Outbound Preferences: Among those relocating from Rancho Santa Fe, most are opting to stay within the metropolitan area, with Las Vegas, Nashville, and Portland being the top choices.
Embark on Your Rancho Santa Fe Journey
Rancho Santa Fe offers a unique and luxurious real estate market. For those interested in exploring this distinctive area, having expert guidance is key. We, Lisa Schoelen and Julie Pierce, are here to provide you with personalized support and deep market insights. Contact us to navigate the Rancho Santa Fe market with confidence, and let's find the perfect home that meets your exceptional standards.