Cheapest homes in California? Here’s where to find them — and what’s next for the market
What’s next for California’s housing market? Realtors are saying the first quarter of the year will likely be similar to last — but change could be on its way.
Based on the association’s most recent home sales and price report, last month’s home sales pace was unchanged from the 223,940 homes sold in November. Overall, homes sales were down about 7% from December 2022.
Sales of existing single-family homes in California have continuously been below the 300,000 a month marker, and the association predicts that this will continue throughout the first months of the year.
Last year, California recorded the biggest home sales drop since 2007. However, the association says the loss is slowing which could signal the “market is turning the corner.”
“With mortgage rates expected to come down in the next 12 months, home sales will bounce back as buyers and sellers return to a more favorable housing market. Home prices should see a moderate increase in 2024 as well,” Melanie Barker, the association’s president, stated in the report.
If you’re looking to buy a house in California, here’s where you can find the cheapest prices as of December:
Where can you find the cheapest home prices in California?
The median sold price of existing single family homes in California was at $819,740 last month.
According to the association’s December price report, these 10 counties had cheaper prices than the state median:
1. Lassen County
Median sold price of existing single family homes: $272,500
Region: Northern California
2. Trinity County
Median sold price of existing single family homes: $287,000
Region: Northern California
3. Tehama County
Median sold price of existing single family homes: $305,000
Region: Northern California
4. Lake County
Median sold price of existing single family homes: $315,000
Region: Northern California
5. Siskiyou County
Median sold price of existing single family homes: $331,500
Region: Northern California
6. Glenn County
Median sold price of existing single family homes: $349,500
Region: Central Valley
7. Shasta County
Median sold price of existing single family homes: $355,760
Region: Northern California
8. Plumas County
Median sold price of existing single family homes: $360,000
Region: Northern California
9. Tulare County
Median sold price of existing single family homes: $362,000
Region: Central Valley
10. Kern County
Median sold price of existing single family homes: $374,180
Region: Central Valley
What are the most expensive areas to buy a house in California?
The Bay Area remains the most expensive region to buy a house with a median of more than $1 million for a single-family home.
According to the December home sales and price report, these five counties had the most expensive prices:
San Mateo County - $1,800,000
Santa Clara County - $1,725,000
Marin County - $1,555,000
San Francisco County - $1,450,000
Orange County - $1,300,000
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