SAN LUIS OBISPO COUNTY

2023 MARKET ROUND-UP

The 2023 real estate market was a challenging year as we saw historical lows in home sales activity both locally and nationally. Inventory and affordability remain an issue nationwide.  Yet, real estate remains hyper-local when it comes to the numbers.

Inventory during the pandemic years shrunk to a quarter of the previously normal averages. We had a few months where we started to see increases, but those well-priced and desirable homes did not stay on the market for long.

The number of closed sales in 2023 fell 19.8% from 2022's already low volume. The median sales price and cost per square foot  were virtually unchanged, the percentage of list price to sales price dropped 2%. The median days on the market increased 33.3%, going from 9 days to 12.

The good news is that we ended the year with a downturn in interest rates. So where do we see 2024 heading? While no one knows for sure, it is believed that interest rates will likely hover for the next several months which could keep market activity unseasonably low.

Our market report showcases everything you need to know about each San Luis Obispo County community's real estate trends.