California started 2024 with a total of 26,878 single-family homes on the market, with a median home price of $729,175.5 and an average price per square foot of $587.42. By the end of the year, inventory had increased to 37,424 homes on the market (+39%), with a median home price of $732,945 (+1%), and an average price per square foot of $566 (-4%).
At the start of 2024, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 77 days.
California started the year with 27.23% of homes taking a price cut. (For reference, 35% is the national average for price reductions in a "normal" year.) By the end of the year, about 30.51% of homes for sale had taken a price cut.
