The phrase “California real estate” brings beachfront cottages, multi-million dollar mansions, and sleek Silicon Valley condos to mind. But, there are many parts of California where real estate is much more modest in both appearance and price. By evaluating the median home value of a region, you can determine the area’s affordability. Read on to learn about median home values across California.
The most recent statewide figures put the median California housing price at $500,200. This number can give a good idea of the overall higher-than-average prices of California real estate. However, it’s less useful for determining the housing cost of a specific area, as this statewide figure takes everything from sprawling San Diego estates to small rural farms near Mt. Shasta into account.
In northern California cities like Eureka, your down payment will stretch much farther. With a median home price of only $269,900, it can be as cheap (or cheaper) to own than rent. In these cities, most average-income families should have no problem affording a home.
These lower (by California standards) housing prices continue in the northern-central part of the state, with cities like Chico and Yuba City offering median-value homes at $315,000 and $267,300, respectively.
San Francisco is known throughout the country for its high housing costs, and the surrounding counties continue this trend. In San Francisco, a median-priced house will set you back a whopping $1,194,300. Nearby Menlo Park boasts a median home price of more than $1.96 million, while less-expensive suburbs like Livermore, Gilroy, and Santa Cruz have median home prices between $807,600 and $681,900.
Homes in the central-southern part of the state are still more expensive than those in Northern California, but many of the median-priced homes in cities like Bakersfield, Visalia, and Fresno are much more budget-friendly than those located a few hours northwest. The median home sales price in Bakersfield is just $219,800. Buyers can also snatch up homes in Fresno for $212,700 or Visalia for $212,500.
This area’s temperate climate and the plethora of entertainment options have contributed to rising real estate prices. In luxury cities like Rancho Palos Verdes and Santa Monica, the median sale price is more than $1.3-$1.4 million. In Beverly Hills, the median price is over $3 million. However, in nearby areas like Alhambra and Anaheim, you can find houses for around $600.000. The median home in San Diego is $572,100.
By understanding the variation in median home prices in specific parts of the state, you’ll have a better idea of what area makes the most sense to focus on when you’re looking to buy a property. Or if you’re planning to sell, you have a better idea of how much money you can expect to make on your home!