Housing Market: California cities where home prices are falling in 2023
California has one of the highest median home prices in the US, but values have been falling the past months. Here are the cities where prices are dropping.
Living in California is expensive, with the state recording the highest average rent in the United States. Buying a home is not an option for many, as house prices in the state are some of the steepest in the country.
According to World Population Review, California has the third-highest median home value in the country, which stands at $475,900. However, prospective homeowners might do well to make some inquiries this year, as prices have been going down over the past few months.
The California Association of Realtors suggests that one of the causes for sliding prices was the atmospheric river event that has been affecting the state. Other factors that could be affecting the housing market are the collapse of Silicon Valley Bank and layoffs in the tech sector.
If your dream is to own a home in this sunny state, you may want to consider looking at some cities where home prices have been going down, according to Go Banking Rates.
San Francisco
This city has had one of the highest rent prices in the US for years, with rates going up 101% in 2021. Now may be a good time to opt to buy a home instead. Its median sale price in September was $1,196, 667, but after three months, prices plunged more than 15% to a little more than $1 million.
San Jose
San Jose is the center of Silicon Valley, surrounded by lots of nature. The median sale price in September was $1,480,000, but after three months it went down almost 12% to reach $1.3 million.
Stockton
This city is only about a one-and-a-half-hour drive from the Bay Area, and offers home prices that are considerably lower than other urban centers in the state. From a median sale price of $518,333 in September, home values slid 8% to cost $477,000 in three months.
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Los Angeles
The City of Angels has also seen house prices drop recently. If you want to be close to the glamor of Hollywood, prices have gone down from the September median rate of $901,333 to $837,666, or a decline of 7%.
San Diego
Considered one of the healthiest cities in the country, San Diego home prices could be more affordable now for those who are looking for good weather and a change of lifestyle. Its September median home prices stood at $853,333, which decreased 6.45% in three months to a little under $800,000.