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Noe Valley Real Estate Market Trends
The Noe Valley housing market remains moderately competitive, though recent figures suggest some level of market adjustment. In September 2023, the median sale price for homes in the area declined significantly, showing a 12.3% year-over-year drop to reach $1.6 million. This change, more drastic than minor fluctuations seen in previous years, points towards a possible cooling in the market.
Homes in Noe Valley are also taking longer to sell than before, staying on the market for an average of 39 days compared to just 16 days last year. Despite this, the market retains a degree of competitiveness: homes still sell in approximately 29 days, some receiving multiple offers and selling for about 2% above the list price. Hot properties can even command prices around 10% above list and go pending in roughly 19 days.
The median sale price per square foot corroborates the overall trend, coming in at $1.07K, a 4.5% decrease compared to last year. This suggests that buyers may find slightly better value for money in terms of living space, a potential draw for those seeking more room within a similar budget.
Although there has been a decrease in the number of homes sold—48 this September as compared to 57 in the same month last year—the market's relative stability can be attributed to Noe Valley's enduring appeal. The area is known for its charming Victorian and Edwardian homes, sunny climate, and family-friendly environment.
Accessibility to public transportation and a vibrant array of independent businesses also contribute to the neighborhood's resilience in the face of broader market trends. As always, these conditions are influenced by multiple factors, including economic indicators, interest rates, and local job growth. Prospective buyers and sellers would benefit from staying well-informed and possibly consulting a real estate professional acquainted with the Noe Valley market.
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