Thinking about buying a home in California? Here are ten things you should know about the state’s real estate market:
- California is one of the most expensive states in which to buy a home. The average price of a home in California is over $500,000 and the median price is over $525,000.
- Despite the high prices, California is still a popular destination for home buyers. In 2016, California was the most popular state in which to buy a home and accounted for almost one-quarter of all home sales in the United States.
- California’s real estate market is highly volatile. The average price of a home in California has fluctuated dramatically over the past few years, from a high of over $600,000 in 2007 to a low of just over $300,000 in 2011. In addition, the number of homes sold in California has also varied significantly over the past few years.
- California has a high rate of home ownership. More than two-thirds of California’s households own their homes and the state has one of the highest rates of home ownership in the country.
- California’s real estate market is extremely competitive. There are more than twice as many buyers as there are homes available for sale in California. Also, the average time on the market for a home in California is less than four months.
- California has a large population. More than 38 million people live in California. That’s more than the populations of Texas, Florida, and New York combined!
- California has a diverse population. The largest ethnic group in California is Latino, followed by white and Asian. They are followed by black, Pacific Islander, and Native American.
- California is a coastal state. More than three-quarters of the population lives within 50 miles of the coast. Which means that California’s real estate market is heavily influenced by the state’s coastline.
- California has a temperate climate. The average temperature in California is 62 degrees Fahrenheit. This is ideal for home buyers who want to avoid extremes in temperature.
- California is a state of great contrasts. While the cost of housing is high, California also has some of the most affordable housing in the country. For example, the median price of a home in San Francisco is more than $1 million, while the median price of a home in Fresno is just $225,000.
Overall, California’s real estate market is a mix of high prices and great opportunity. If you’re thinking of buying a home in California, it’s important to do your research and understand the unique dynamics of the market.
One thing to keep in mind is that California has a booming property management industry. There are many companies that offer property management services in California, and it’s important to find one that fits your needs. A good property management company can help you navigate California’s complex real estate market and ensure that you make the most of your investment.