2024 has proven unpredictable for California real estate, with median home prices reaching record highs despite a sluggish economy cooling the market.
Current Market Overview
According to Realtor.com, the San Francisco Bay Area’s median listing price hit $969,000 in August 2024, a 5.4% increase since August 2019, though it remains lower year over year.
Regional Price Trends
Moving south, the San Jose metro area shows a median price of $1.4 million, a 24.9% increase since August 2019 but down 5.1% from last year. Southern California has experienced significant growth, with median list prices rising 42.3% in Los Angeles and 40.5% in San Diego since before the pandemic.
Inland Migration and Affordability
Central California has seen the most dramatic price increases. Coastal residents are relocating inland for more affordable options. The Riverside-San Bernardino-Ontario metro area has recorded a staggering 43.8% increase in list prices since 2019, reaching a median of $599,000. This region is outpacing the Southern California average, and forecasts suggest continued growth over the next four years.
Realtor.com’s chief economist, Danielle Hale, stated:
“The affordability of the Riverside area—homes are less than half the cost of typical listings in San Jose and Los Angeles—has likely boosted buyer interest and pushed prices higher.”
