Fresno Real Estate Thrives with Rising Property Values and Robust Sales in 2023-2024

The real estate market in Fresno and its neighboring cities has shown robust growth from April 2023 to March 2024, with increasing property values, healthy sales volumes, and some location-specific fluctuations.

authorWritten by Manuel MartinezMay 1, 2024

Fresno Real Estate Market Overview

The real estate market in Fresno has been exhibiting a robust upward trajectory, notably from April 2023 to March 2024. This period has seen a notable increment in the average value of properties rising from $361,000 in April last year, to $382,000 as of March 2024. Property values have been marching upwards, with the per square foot value also climbing from $235 to $250 within the same timeframe. This underscores a healthy appreciation rate and is indicative of a strong market that has potential for both homeowners and investors alike.

Real Estate Report Fresno CA May 2024 House prices
Real Estate Report Fresno CA May 2024 House prices

When delving into sale prices, we witness some variability; nevertheless, a generally ascending trend is present. A slight wobble was registered in September 2023 where the average sale price took a dip, descending to $342,086. At the endpoint of our observation in March 2024, the recovery was evident, with sale prices elevating to around $350,428. This fluctuation might be reflective of seasonal adjustments or other market forces at play; however, the overall uptick is suggestive of enduring demand and growing market strength.

Housing Market Summary for Fresno, CA

Apr 2023 March 2024 Change
Median Listing Price $360.8K $350.4K -2.88%
Median Sold Price $363.9K $350.4K -3.71%
Homes For Sale 255 270 5.88%
Homes Sold 3,993 4,265 6.81%

Volumes of sales offer additional insight, peaking impressively with 4,549 properties sold around October 2023. Yet, these numbers have not maintained their zenith, showing a subtle decrease to 4,265 sales by March 2024. The drop could possibly be linked to natural market cycles, inventory changes, or perhaps shifts in buyer sentiment.

Comparative Trends in Surrounding Areas

When juxtaposing Fresno with nearby cities, it’s clear each market exhibits its unique character and trends. Fowler caught attention with its volatile behavior, experiencing an impressive rise to an average property value of $425,000 in January 2024, then descending to $345,000 by March 2024. In contrast, Del Rey displayed staggering spikes in property values, soaring over $1 million during January and February 2024. This phenomenon might have been incited by high-value property transactions or outlier events that have driven figures upwards momentarily.

Examining Selma, the data paints a picture of consistency with a gradational ascension in property values, from $330,000 in April 2023 to $377,495 in March 2024. This consistent appreciation hints at a market poised for steady and reliable growth. In the case of Kerman, the market seems to have anchored itself with median values circumscribing the mid-$300,000 zone, exuding stability.

Focusing on Parlier, its market narratives a drop in the average value as we look from April 2023 to February 2024, and then observably corrects with an increase to $364,475 in March 2024. Adjustments in property valuations like these are perhaps reflective of changes within the housing inventory or localized demand factors.

Snapshot of Current Values and Volumes

As of March 2024, Fresno’s market stands firm with an average property value of $382,000 and an average per square foot of $250. The sales climate is evidently vivacious, with 4,265 properties having changed owners, reinforcing the notion that despite a slight decrease from October 2023, the market retains its vibrancy.

Real Estate Report Fresno CA May 2024 Homes for Sale
Real Estate Report Fresno CA May 2024 Homes for Sale

Neighboring cities also paint an intriguing market canvas. Fowler, while enduring substantial fluctuations across the year, settles at a respectable average value of $345,000 with 44 properties sold. Interestingly, the average sale price in Fowler is a bit higher at about $376,464, possibly suggesting premium pricing for unique features or locations within the city.

Del Rey’s market, notwithstanding the earlier spikes, culminates with an average value of almost $460,000. With a diminutive volume in terms of property count, only 10 sales have occurred, pointing towards a more exclusive market possibly buoyed by luxury or niche properties.

Selma’s real estate market, reflective of its year-long upward trajectory, tallies with an average value of $377,495 and a healthy 163 property sales. This demonstrates market momentum and potential for more growth.

Turning to Kerman, it exhibits a stable average property value of around $365,500 and a per square foot value of $282. Kerman’s sales figures of 113 properties suggest a steady, if not brisk, market activity level.

Lastly, Parlier displays an average value of $364,475 with steady per square foot pricing at $234. With a sale count of 49 properties, it adds another element of bustling transaction activity to the broader regional narrative.

Across these vignettes, the markets around Fresno reflect active real estate scenes that highlight a complex interplay of forces, including location desirability, property availability, and purchaser appetites. Such vibrant market movements play a crucial role in shaping the regional economic landscape and confirm the significance of the real estate sector in the Central Valley of California.

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