This article provides an overview of the California real estate market with data on the current prices, trends, and more. Get the latest insights on the market and learn how the landscape is shifting for buyers, sellers, and investors.

California Real Estate Market Overview

California is a big and diverse state with many cities and counties that make up its real estate market. As such, it can be tough to get a comprehensive overview of the state's real estate market, but here are some key points that can help you understand what's happening in the area.

California Home Prices

The median home price in California rose by 8.3% between 2019 and 2020, far exceeding the national median home price appreciation of 6.8%. That's due in large part to California's low inventory, as demand for homes outstrips available supply.

California Home Sales

California housing sales saw a 19.6% increase in 2020 compared to the previous year. This is likely due to increased interest from first-time home buyers, as well as low mortgage rates, which incentivized buyers to take the plunge into the housing market.

California Rental Market

In 2020, the median rent in the state has increased by nearly 6%, largely because of increased demand for rental units due to higher rates of people relocating to California for work or lifestyle reasons. Factors like the high cost of buying and the influx of Millennials are also causing an increased demand for rental units.

Looking Forward

The long-term outlook for California's real estate market looks bright, despite some uncertainty in 2020. With the state having some of the best climates in the country combined with a low unemployment rate, the demand for housing and continued appreciation of home prices seems set to continue in the years ahead.

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