Again , these are the published numbers that are likely underreported and much lower than the true inflated price changes . To me , it seemed like all prices were significantly higher in the 4th quarter of 2023 as compared to the 1st quarter . If so , the actual price gains may be significantly higher in 2024 and beyond .
AllTime Record High California Home Prices
In spite of mortgage rates more than tripling over the past year or so , housing prices statewide in California have never been higher for owners , new buyers , and tenants .
Shocking Los Angeles Home Price Swings
The median home sales price in Los Angeles County hit a record high of $ 914,640 in September 2023 . By comparison , the median Los Angeles County home price was $ 318,075 ( 12 / 08 ).
Near the peak of the previous housing bubble and near the official start of the Credit Crisis or Great Financial Recession in late 2008 , the median home sale price was almost $ 600,000 lower in Los Angeles County than medianpriced homes in the same region . How is this not shocking ?
Today , Los Angeles is ranked as the # 2 most expensive U . S . city and the # 6 most expensive worldwide city for residents to live in , according to KTLA News .
Many California homeowners have never been wealthier due to rapidly increasing home equity gains while many tenants have never been poorer due to their alltime , recordhigh rental payments , sadly .
Expensive Coastal Regions and Inland Moves
Because some of the most expensive real estate prices in the world are located in California coastal counties like San Diego , Orange , Los Angeles , Ventura , Santa Barbara , and San Francisco ( both a city and county name ), more residents are moving inland to places like Riverside or San Bernardino counties in Southern California or out of state to Arizona , Nevada , or Texas .
Buyer demand still exceeds the available home supply while pushing home prices higher , especially in the Riverside County region , which is much more affordable than the near $ 840,000 statewide home price average for California .
Riverside County Home Spotlight Region
The median sale price of a singlefamily home in Riverside County was a new alltime record high of $ 620,960 in October 2023 , up from $ 600,000 in September , with a rise from $ 599,990 in October 2022 , according to the California Association of Realtors .
● Lake Elsinore : $ 575,000 ($ 175,000 below the Temecula average )
● Canyon Lake : $ 662,000
● Menifee : $ 547,500
● Murrieta : $ 657,500
● Temecula : $ 750,000
● Corona : $ 759,000
Adding Value to Real Estate
Owners or interested buyers who are thinking about purchasing a new onetofour unit property to boost their wealth and / or monthly income with rental units have several options these days , which may include :
● Firsttime owneroccupied homes
● A moveup from a smaller to a larger home
● A shortterm or longterm rental
● Adding tiny homes or ADU ( Accessory Dwelling Unit ) to a residential property site to increase monthly cash flow .
● Remodeling an existing home with a new kitchen , bathroom , or bedroom .
● Building a brand new home , duplex , triplex , or fourplex from the ground up .
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