Pleasanton Real Estate Market Prices, Trends, and Forecast 2023

With great weather year-round, beautiful hiking areas, and intriguing special events throughout the year, there is something for everyone to enjoy in Pleasanton, California. The city is less than an hour away from San Francisco, making it an ideal location for visitors and residents alike. In fact, the city is named one of the best places to visit in the country.

Pleasanton is also considered one of the wealthiest cities in the nation and is ranked number 31 for best places to live in the United States. Let’s take a look at what has been happening in the Pleasanton real estate market and what to expect for the remainder of 2023.

The Bay Area real estate market is heating up again after experiencing a significant cooldown in the later months of 2022. In the previous year, interest rates nearly doubled from three to six percent. Nationwide inflation resulted in prices rising everywhere as the area finally caught up with the economic trends affecting the entire country.

The fourth quarter of 2022 was ideal for buyers because prices of homes were dropping, and more sellers were willing to reduce asking prices on homes to get them sold. This was not ideal for sellers as more houses were available, and demand slowed down significantly.

In 2023, Pleasanton real estate has once again become a seller’s market. Home prices are on the rise and are selling faster. Because of the rapid buying and selling, fewer homes are on the market now. Demand is high, and most sellers receive offers above the initial asking price. For buyers, this means if you see a house you want, it is best to act quickly as pricing is competitive, and this is a desirable area to live in. Most homes for sale in Pleasanton are selling within 30 days or less.

Many people hesitated to sell last year due to their mortgages' low-interest rates. Sellers want to get the most out of their investment and hold off on selling right away in hopes that the market will turn back in their favor. Mortgage interest rates took a slight dip around May 2023 and have increased slightly over the last few months.

In January 2023, average days on the market were at an all-time high of 38 days but have decreased as the year has continued. We’re now looking at an average sell time of 13 days on the market.

The median sale price in June 2023 is $1,526,000. Pleasanton has one of the highest median prices in 2023 of Alameda County, second only to San Ramon. There are also fewer homes available for sale as demand continues to rise, which means more homes are selling for above asking price. Just last month, 38 homes sold above the asking price.

Alameda County experienced the effects of the pandemic with a rise in new listings but a decrease in sales, which makes sense given that many people were not looking to move during times of uncertainty. The unexpected turn of events of the pandemic threw the rising housing market off track just as it was beginning to heat up at the beginning of 2020. With the rise of Covid-19, more people began working from home, and fewer people were looking to move, find new jobs, or make any major life changes during this time.

The Pleasanton real estate market heated up again in 2021 as many buyers took advantage of the low-interest rates and lower prices on homes due to the overall slowdown in the area with Covid-19. With less activity overall due to shelter-in-place orders, homes were in far less demand, and many could navigate the market with more affordable prices.

Although the year 2022 did see a slowdown in the market, it was starting to cool off after the previous year’s rapid buying and selling trends. 2022 allowed the local market to balance out again, and now in 2023, we are once again seeing a hotter market. Houses are selling quickly, and listings are spending very little time on the market.

While the market is moving pretty quickly these days, houses are seeing a significant increase in appreciation over time, noting a 134% increase over the last ten years. If you are going to buy, it is important to take advantage of the present opportunities as houses are going fast. It is also important to consider how the high demand in the area affects pricing. Many homes are being sold over the asking price due to the competitive pricing in the bay area. So while the market does appear to be a seller’s market these days, buyers will also gain value on their investment as houses continue to increase in value.

Let’s look at some of the most desirable neighborhoods in the Pleasanton area and what they offer.

Ruby Hill community is one of the most exclusive neighborhoods in the Pleasanton area. This gated community provides privacy and stunning views. It is home to The Club, which includes the famous Jack Nicklaus golf course and other recreation such as tennis and swimming. The club also hosts weekly champagne brunches, and areas can be reserved for private events such as weddings and corporate gatherings. This luxurious neighborhood has stunning views of the hills and is close to multiple wineries, including the Ruby Hill winery. It is one of the most coveted areas in all of Pleasanton.

Castlewood is another exclusive neighborhood in Pleasanton, perhaps more so given that few areas are left to build a home here. One of the greatest appeals of this neighborhood is that certain properties can be accessed through private roads in the nearby golf course. It also includes stunning views of Mount Diablo in east San Francisco. This beautiful area gives residents privacy and some of the area’s best nature.

Properties in this area move fast, so it is best to know exactly what you want and to be ready to buy. The best strategy for navigating the Pleasanton real estate market is to connect with a local realtor with the expertise and most updated information regarding homes for sale in the area.

The real estate agents at McDowell Homes Group are experts and specialize in homes in the Pleasanton and Tri-Valley areas, making it their mission to put the client’s needs first. If you are ready to navigate the exciting Pleasanton housing market and find the home of your dreams, contact McDowell Homes Group today.