California Real Estate 2024: Market Trends and Price Insights

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.”

Husband & Wife Team
Phone: 707‑708‑0797 / Office: 1400 N. Dutton Ave #22 Santa Rosa, CA 95401
Ken: CA DRE Broker #01858042 / NMLS #1221130
Ari: CA DRE #01858152 / NMLS #2170867

Ken & Ari are a husband & wife team with combined 3+ decades in real estate and private money industries. They own Pacific Direct Mortgage & Real Estate, specializing in Private Money loans (also known as Hard Money home loans). Having helped thousands of Borrowers & working directly with Brokers, Agents and Lenders to help when needed with fast, flexible, alternative financing for real estate purchases and refinances throughout California. No issues with DTI ratios, credit issues, property condition, difficult to prove income ‑ we want to help!