California Housing Market Trends

The California housing market is among the most expensive in the U.S., with rising mortgage rates and inflation. Despite a slight decline in median home prices from 2022 to 2023, prices remain well above the national average due to high demand and limited inventory. Urban centers like Los Angeles and San Francisco feature luxury properties, while inland areas offer more affordable options.

Millennials dominate the buyer demographic, drawn by job opportunities, while retirees prefer regions like San Diego. Sellers benefit from low inventory but face challenges in less competitive rural areas. Both buyers and sellers must stay informed about market trends and work with knowledgeable real estate agents to navigate this complex market.