Home prices in Vallejo have risen to a median of $537,000, up 5.6% from last year, with homes selling faster, averaging 32 days on the market. Despite this, the market contends with challenges such as high mortgage interest rates, currently above 6%, which can deter potential buyers due to increased monthly payments. Real estate agents note a transition to a more balanced market, though it remains predominantly a seller's market. Ongoing issues like the state's insurance crisis also present hurdles for prospective homeowners.
Buying in Vallejo continues to be more of a seller's market, but it's a more balanced market, indicating a shift in real estate dynamics.
Demand is still there and my data shows me that homes are selling in 32 days, down from last year, reflecting an improving sales pace in Vallejo.
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