A Look at Walnut Creek Home Price Trends for 2016

Walnut Creek home price trends at a glance: The median price has risen by roughly 8% over the last year, as of August 2016. The current median home price in the city is approximately $785,000. House values are expected to rise more slowly over the next 12 months, according to experts.

One look at Walnut Creek home price trends will tell you a lot about the current state of the real estate market. According to multiple sources, house values in the area have climbed more than 7% over the last year. This is the result of strong demand but limited housing inventory. In other words, it’s a supply and demand thing — as always.

Here are some additional home price trends for Walnut Creek, California:

Walnut Creek Home Price Trends: Summer / Fall 2016

According to the real estate information company Zillow, median home values in Walnut Creek have risen by 7.8% over the last 12 months. Trulia is reporting similar trends for the same time period. In fact, the rival companies have offered nearly identical stats, as shown below:

• Zillow says: “Walnut Creek home values have gone up 7.8% over the past year and Zillow predicts they will rise 1.2% within the next year.”
• Trulia says: “Walnut Creek market trends indicate an increase of $58,500 (8%) in median home sales [price] over the past year.”

The two companies more or less agree on the current median sales figure for the city. As of August, 2016, Zillow put it at $793,700. Trulia reported $780,000. They also seem to agree on Walnut Creek home price trends over the past 12 months, showing a gain of around 8% year over year.

The median price is the midpoint for the real estate market. This means that half of all homes sold in Walnut Creek were above this range, while the other half fell below it.

As of August 2016, Realtor.com showed 335 houses listed for sale in Walnut Creek, California. Setting the maximum listing price at $700,000 divided those 335 listings in half, almost exactly. So the median list price appears to be around $700,000 right now, based on Realtor.com’s listing data.

Future Trends: Is the Market Cooling?

As far as future home price trends in Walnut Creek, most housing analysts and economists expect the market to cool a bit through the end of this year and into 2017. This mirrors the overall market forecast for the broader Bay Area.

In short, experts expect home prices to rise more slowly over the next 12 months than the last. Zillow, for instance, has projected a gain of only 1.2% over the next year, compared to the 7.8% gain they reported for the last 12 months. To learn more about this, be sure to check out our 2017 market outlook for the city.

So that’s where we are right now, in terms of Walnut Creek home price trends.

Additional Resources for Walnut Creek Home Buyers

Bridgepoint Funding publishes mortgage and housing market news on a regular basis, to keep you informed. Much of the information we publish relates to the Walnut Creek housing market in particular, because it’s our home town.

If you’d like to learn more about home prices trends and market conditions in Walnut Creek, check out the related article below:

5 things local home buyers should know

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