![]() California has the second-highest rent in the U.S., behind only Hawaii. The average California renter pays $1,844 a month in rent, and the state has six of the ten most expensive U.S. That steady rise in home prices was certainly a contributing factor to the decline in sales, as the price-per-square-foot in California reached $436, a record high. ![]() In May 2022, California home sales dropped to the lowest levels in nearly two years – dipping below 400,000 sales.Īt the same time, California home values hit an all-time high for the third month in a row. ![]() However, if you’re looking for a general estimate, online home value estimators can help. ![]() The best way to figure out your home’s price is to get the opinion on a local real estate agent. This means that while California buyers are still paying above list price for homes, they’re paying slightly less than buyers were last month and last year – an indicator that the market is becoming slightly less competitive. However, one possible early sign of a cooling market can be found in the California Association of Realtors’ sale-price-to-list-price ratio, which declined 0.5% year-over-year, and 0.8%, month-to-month, to 103.4%. » Learn More: How Much Are Closing Costs in California (2022 Data) What’s the Average Price of a House in California?Īccording to Zillow, the median home price in California is $800,172 and has risen an impressive 18.5%, year-over-year. Let’s take a look at California’s median home prices, rent prices, homes sold, real estate trends, and finally, what to expect for the 2022 housing market. This reflects the national dynamic - demand is at an all-time high, while inventory is still very low.Īfter a decade-plus of steady home price gains, the market has reached the limits of affordability for many, and would-be buyers fatigued by bidding wars and competing with all-cash offers could very well be a factor in California’s declining population. Quick Stats: California Housing Market TrendsĪccording to the latest home sales data from the California Association of Realtors (C.A.R.), the number of home sales has been dropping across the state, while home prices have increased (often by double digits) in every region of the state. While internet research is a great place to start, California real estate is changing fast, so it may not give you the most recent or in-depth picture of your local market. The state is an attractive destination for young families, retirees, and professionals of all ages. Overall, the California market is strong, with high home values supported by a strong job market, and amenities like a favorable climate, world-class beaches and parks, and great schools. Will 2023 be a buyer’s or seller’s market? Should homeowners sell ASAP, or bet on the durability of the California market? Should buyers make competitive offers to buy in now, or bide their time in anticipation of a more affordable market in the near future? Halfway through 2022, home buyers and sellers in California are coming off a red-hot decade that has seen home values more than double, reaching some of the highest levels in the U.S.īut as mortgage rates have shot up at historic speed, many are wondering if home prices will continue to rise, level off, or even decline.
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