LOS ANGELES - If you're looking to purchase your first home, maybe California isn't the best option for you.
That's because a list was recently released of California cities where home prices have more than tripled, according to data analyzed by real estate company Clever.
In 2022, the typical home value is nearly $1.4 million, according to Clever. That's a 290% increase, or nearly quadruple the value more than two decades ago.
Los Angeles’ median home value in 2000 was around $231,000. That number has jumped to $878,000 in 2022 – a 280% increase.
San Diego was just a bit more expensive in 2000, with an average home costing $231,000. Fast forward to present day, and that same home might be worth $858,000.
About two decades ago, the typical home in Riverside or Sacramento was worth under $200,000. Now, according to Clever, the median home value in Riverside is $544,000.
The top 10 U.S. cities where home values have gone up by more than 200% (tripled) since 2000 are listed below, with SoCal cities bolded:
- San Francisco (290% increase)
- Los Angeles (280% increase)
- Riverside, Calif. (278% increase)
- San Diego (275% increase)
- San Jose, Calif. (261% increase)
- Sacramento, Calif. (237% increase)
- Seattle (235% increase)
- Tampa, Fla. (223% increase)
- Miami (220% increase)
- Austin, Texas (209% increase)
There are several cities around the country that saw much slower growth in home values, according to Clever. Those cities are the following:
- Cleveland (60% increase)
- Detroit (62% increase)
- Memphis, Tenn. (72% increase)
- Chicago (73% increase)
- Hartford, Conn. (87% increase)
Zillow's Home Price Expectations Survey reveals inventory should return to a monthly average of 1.5 million units or higher in 2024.
That's based on 38% of respondents to Zillow's survey, the largest group. Zillow reports total inventory has fallen from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.
The pandemic brought record-breaking price growth alongside rent hikes that made saving for down payments even more difficult, Zillow said. As a result, the share of first-time homebuyers dropped from 45% in 2019 to 37% in 2021, according to the Zillow survey of recent buyers.
Total inventory has fallen from a monthly average of 1.6 million units in 2018 and 2019 to just over 1 million in 2021, and monthly figures in 2022 are lower still.
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