CHINO HILLS REAL ESTATE MARKET UPDATE - SEPTEMBER 2024
The Chino Hills real estate market remains robust, attracting both buyers and sellers. As of September 2024, the median home price in this desirable area stands at approximately $850,000, reflecting a year-over-year increase of about 5%1. What’s driving this growth? Let’s explore:
Steady Appreciation: Chino Hills benefits from its strategic location, excellent schools, and strong community amenities. Families and professionals seeking a suburban lifestyle with easy access to major employment hubs in Los Angeles and Orange County find Chino Hills appealing.
Inventory Levels: While the inventory of homes for sale remains relatively low, there has been a slight uptick in new listings over the past month. This limited supply creates a competitive market, often resulting in multiple offers on well-priced properties.
Buyer Demand: The demand from buyers remains robust. The average days on market for homes in Chino Hills is around 30 days, indicating a brisk pace of sales2.
Interest Rates: Mortgage interest rates have stabilized. Currently, the federal funds rate—the rate at which banks lend to each other—sits at 4.83%3. It’s essential to note that in early 2020, the rate dropped significantly due to COVID-19, reaching as low as 0.05%. Since then, it has gradually risen.
In summary, Chino Hills continues to be a sought-after community with a healthy real estate market. Whether you’re buying or selling, now is a great time to engage with the Chino Hills real estate scene.