September 2023 Market Update

David Kim September 30, 2023

Despite the challenging economic indicators in September, the Bay Area real estate market remains robust, characterized by a notable shortage of inventory.


Interest rates just hit their highest point since 2000, stock markets are well down from summer, the oil price is climbing, federal student loan payments resume in October, and yet another threat of a federal government shutdown. But remember that economic indicators go up and down constantly. 


Current Market Trends: Even with the higher interest rate, buyers are still buying and expecting to refinance when the rate goes down. Single family houses are still getting multiple offers and price is going up based on demand, but some condos and townhomes are struggling as they usually get more impact by the interest rate and fluctuating stock market. 


Whether you are considering a real estate move this year or the next, we'd love to sit down with you and discuss your goals. Let's strategize and create a plan tailored to your specific needs and preferences. Don't hesitate to reach out to us at (650) 988-5114 to get started. Our dedicated team is eager to assist you in achieving your real estate objectives!


September has been hard on stock markets. 

Year-over-year house-price appreciation rate turn positive for the first time since the market correction began a year ago. We expect all individual greater Bay Area counties to move into positive appreciation rates in coming months, if they didn't do so in August.

California Association of Realtors issued an optimistic forecast for 2024. Daily average 30-year interest rate:


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