San Ramon, California, is located in the Tri-Valley Region in the Bay Area. Located a short drive from Oakland, San Francisco, and San Jose, San Ramon is a great location for those seeking beautiful views, luxurious homes, and relaxation, all while being close to major cities. San Ramon is known for its stunning new construction. San Ramon homes for sale are largely new, modern builds and have all the amenities buyers could want. The town regularly invests in itself to keep up with the burgeoning real estate market, with modern upgrades such as outdoor malls, shopping plazas, green spaces, and updated amenities.
San Ramon is an area in high demand, with families that enjoy the amazing schools in the area as well as other demographics coming for the warm weather of California and beautiful homes. If you’re looking to enter the San Ramon real estate market in 2023, you’ll want to understand the major trends predicted for the market. Our guide will break down the major trends to expect, what’s causing the changes, and how you can prepare.
Another major trend in the 2023 San Ramon real estate market is the stable but slowing home values. Between 2020 and 2022, home values skyrocketed, and real estate was a hot commodity. Despite slowing home sales, prices are still increasing, although more slowly than what we have seen previously.
In July of 2022, Chief Economist of the National Association of Realtors, Lawrence Yun, created a report detailing a prediction of a 2% increase in median home prices in the rest of 2022 and throughout 2023. Many experts agree that although home values are slowing, they will continue to increase throughout 2023.
Another major factor driving the San Ramon housing market is inflation. Inflation has risen for several reasons, including increased demand without supply during the pandemic, supply chain shortages, and rising fuel prices due to the crisis in Ukraine. Inflation has had several effects on the real estate market. First, inflation has caused the Federal Reserve to increase interest rates on home mortgages, which decreases demand. As mortgage rates rise, houses become less affordable, and with a competitive market, this decreases the pool of buyers that can afford existing properties. Second, rising inflation also increases the cost of living. This can lead to reduced savings and decreased ability to afford a home. Over time, it may mean that more potential buyers choose to rent, rather than buy a home, again leading to the decreased sales we’ve seen in the past year.