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The market in Southern California remained fairly consistent through the start of the new year. It has been described by Zillow as neutral, meaning both buyers and sellers are on fairly equal ground. Since December, home values across the region have risen less than 1%, though they are up 4.3% from the same time last year.
While Zillow puts the median home value in Los Angeles at $723,783, the median listing price is significantly higher, clocking in at $859,000. This, experts worry, will put homes out of the price range of some families.
In spite of the worry, these homes are still selling, and selling fast. In Los Angeles, homes spend only 75 days on the market, and in Orange County they average 76. The California Association of Realtors reported that, for the first time in three years, the state’s annual home sale growth has reached 10.3%. These numbers show that the market is healthy and strong.
The market will likely stay strong too. Zillow predicts Los Angeles home values will increase up to 4.3% over the next year, so current homeowners find themselves in a great place. Prospective buyers can also be encouraged that the market is reaching such high levels.
The market conditions have created the perfect storm for rising values across the board.
With low rates and increasing value, the market is in good shape. It should continue to remain strong throughout the year. These factors also mean California homes are a good long-term investment, with a tendency to increase in value.