Barstow homes most affordable in High Desert, Oak Hills most expensive
Oak Hills continues to be the most expensive area to live in the High Desert, according to a High Desert Housing Report by Coldwell Banker Home Source.
The August report shows median home prices in Oak Hills at $535,000.
“Typically the homes in Phelan and Oak Hills are very large parcels and larger homes, and fewer sales are occurring there,” Coldwell Realtor Donna Drover said.
One or two higher priced homes in Oak Hills, where there are only six or seven sold, average out to those higher prices even though the average home price is probably much lower per square foot, Drover said.
“Those areas usually experience single-digit sales in the month, with other areas experiencing double and triple-digit sales, so it averages out over a higher volume sold,” she said.
Interest rates are currently in the “high sixes and low sevens” with some talk of a slight reduction in rates in the coming months, she said. Mortgage rates have been holding relatively steady, with 30-year mortgage rates hovering right around 7%, according to Business Insider on Sunday.
“With next year being an election year, it’s hard to predict what will happen, but we will most likely see a decline in rates in 2024,” Drover said.
As for the supply of homes, Drover said there is an inventory shortage in the High Desert.
“Our current inventory is at approximately 50% of what it should be, but has increased slightly in the last 30 to 45 days,” Drover said. “Typically we would like to see about 1,600 plus homes in inventory.”
The High Desert experienced an inventory in August of 913 homes on the market versus 2022’s inventory of 1625, Drover said.
August median home prices
No. 2: Spring Valley Lake, $515,000
No. 3: Phelan, $470,000
No. 4: Pinon Hills, $459,000
No. 5: Hesperia, $429,000
No. 6: Apple Valley, $450,000
No. 7: Wrightwood, $435,000
No. 8: Victorville, $423,565
No. 9: Adelanto, $391,000
No. 10: Jess Ranch/ Del Webb (Apple Valley) $390,000
No. 11: Helendale/Silver Lakes, $369,500
No. 12: Barstow, $265,000.
Barstow homes on the rise?
The construction of BNSF's Barstow International Gateway Rail Complex should create the need for more homes to accommodate workers, Drover said.
“This is expected to cause a shortage of inventory which is already low and would drive home prices up,” she said. “With new real projects, the mound will probably far outweigh the inventory.”
There are 57 active listings in Barstow, according to the California Regional Multiple Listing Service
Daily Press reporter Rene Ray De La Cruz may be reached at 760-951-6227 or RDeLaCruz@VVDailyPress.com. Follow him on Twitter @DP_ReneDeLaCruz
This article originally appeared on Victorville Daily Press: Barstow homes most affordable in High Desert, Oak Hills most expensive
