California Home Prices Got Pricier During 2021

[Ken and Ari Walker]

The real estate market in California mirrored the rest of the country in 2021. Home prices increased by double digits in the more affordable areas, such as Sacramento and Riverside. The San Francisco Bay area had more modest increases, due in part to Buyers being anxious to relocate to more affordable, suburban areas. The San Francisco housing market saw the typical home value increase by only 9.3% compared to the statewide increase of 20%.

Overall, home prices in the state far outpaced the national median price. In October, the median sale price of a single-family home in California was $798,440, up 12.3% from last year. This new price was double that of the national median average of $353,900.

Oakland saw the biggest increase in demand. Alameda County, which includes Oakland and Berkeley, saw a 24% increase to $1.05M. in November. The move-in ready homes with work-from-home space and backyards often saw 12 or more offers.

Sacramento was one of the most sought-after destinations for Buyers who looked for more space and affordable prices. A single-family home’s median price rose 22.3% from 2021. This area tends to have bigger and newer homes compared to the coastal cities to the west.

In November 2021, Los Angeles saw their median home price rise from $730,000 to $810,000. The luxury market in Southern California near Montecito shot up 43% to $6.46M over the previous year.

Inventory remains low throughout California and anything that comes on the market tends to be snatched up quickly by Buyers afraid of losing out on finding a home.

So, what’s in store for California in 2022? According to most experts, home prices will grow half as fast as they did in 2021. With construction still lagging in the state, don’t look for housing demand to lessen. Availability will remain a negative factor for the foreseeable future.

If you need help getting a mortgage quickly to snag your dream home in California, give Sun Pacific Mortgage a call at 707-523-2099 or email us through our website at www.Sunpacificmortgage.com  . We offer fast, Private Investor mortgages that will give you a leg-up in today’s competitive market.

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Best, Ken – The Guys in the White Hats
Hard Money Lead Loan Originator at Family owned and operated Sun Pacific Mortgage & Real Estate, serving all of California since 1988!  707-523-2099   www.Sunpacificmortgage.com
CA DRE License #01858042 and NMLS #1221130

 
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The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.