Potential Real Estate Value Surges Expected in Select California Cities Next Year
In the wake of a challenging 2023 due to elevated interest rates, a positive outlook emerges for some homeowners in California. Realtor.com’s recent study forecasts notable upswings in property values in select markets, especially in certain California cities, potentially benefiting local homeowners.
Thousand Oaks-Oxnard-Ventura Thousand Oaks, already esteemed for its affluent setting and desirable attributes, presents a sought-after landscape boasting superior schools, safety, and an exceptional lifestyle. With homes frequently surpassing the $1 million mark in this city, it remains a coveted locale. Yet, neighboring Oxnard and Ventura, offering potential oceanfront properties and historically lower prices, are observing ascending home values. Currently averaging $443,887 across the corridor, Thousand Oaks stands significantly higher than its adjacent cities. Anticipated growth in home prices by 21.3% in the upcoming year signals the area’s attractiveness, particularly for those seeking alternatives to the pricier Los Angeles region.
San Diego-Chula Vista-Carlsbad San Diego, previously a hidden gem, now stands prominently among California’s highlights, flaunting coastal allure, vibrant nightlife, and exceptional living standards. Renowned for safety, temperate weather, and a strategic location, it has shed its naval town image to become a prominent California gem. Similarly, suburbs like Chula Vista and Carlsbad have surged in property values, nearing $1.1 million post-pandemic but slightly retracting to $999,000. The region is projected to witness a 16.3% increase in property values in 2024, cementing its reputation as an evolving real estate hub.
Riverside-San Bernardino-Ontario The Inland Empire, encompassing Riverside and San Bernardino counties, evolved from its agricultural roots into a burgeoning region. Once known for orange groves, it experienced a population influx owing to affordability and proximity to Los Angeles. Despite the challenging commute, the area thrives with affordable housing, proximity to L.A., and a burgeoning job market, attracting residents and industries alike. The average home price escalated from $400,000 in 2018 to $584,000, marking substantial growth. Expectations for 2024 suggest further progression with an anticipated 15.8% hike in prices.
California’s Persistent Appeal Realtor.com’s analysis showcases California’s continued allure among buyers despite reports of many departing due to high home prices. Beyond the limelight of Los Angeles, the state’s surrounding counties like Ventura, San Diego, Riverside, and San Bernardino forecast continued property value growth in 2024. For homeowners in these cities, the coming year holds promise for further appreciation in home values.
