Home prices are rising in California. Here’s where you can find houses as low as $236,000
California’s home prices are climbing across the state — but there are still areas where homebuyers can snag a property for as low as $236,000, according to the California Association of Realtors.
The median price for an existing single-family home in the state rose to $888,740, the Realtors group said in its August home sales and price report. This is a 0.2% increase from July’s report.
Overall, the statewide median home sales price has risen 3.4% since August 2023.
As home prices continue to rise, the Realtors group reported that California home sales are plummeting, with many buyers opting for a “wait and see” approach.
“Despite a slightly better lending environment in recent weeks, closed home sales pulled back in August as buyers evaluated whether to wait for the Federal Reserve to cut (mortgage) rates before entering the market,” Jordan Levine, the association’s senior vice president, said in a news release.
According to Zillow, the average 30-year fixed mortgage rate in California was 5.63%, as of Thursday, Sept. 19.
“With the Federal Reserve signaling it will lower interest rates soon, mortgage rates are expected to ease well below their recent peaks,” the association’s president, Melanie Barker, said in a recent news release.
As a result, Barker said, “Housing affordability will improve in the fall.”
“Buyers will benefit from lower costs of borrowing in the coming months,” she said.
If you’re looking to buy a home in California, here’s where you can find affordable housing options:
Where are the cheapest places to buy a house in California?
California’s most affordable home prices can be primarily found in Northern California and the Central Valley, the Realtors group reported.
According to the report, these 12 California counties had home prices below the state median of $888,740 in August:
1. Lassen County
- Median sold price of existing single-family homes: $236,000
- Region: Northern California
2. Trinity County
- Median sold price of existing single-family homes: $280,000
- Region: Northern California
3. Siskiyou County
- Median sold price of existing single-family homes: $305,500
- Region: Northern California
4. Glenn County
- Median sold price of existing single-family homes: $325,000
- Region: Central Valley
5. Lake County
- Median sold price of existing single-family homes: $329,950
- Region: Northern California
6. Kings County
- Median sold price of existing single-family homes: $380,000
- Region: Central Valley
Tulare County
- Median sold price of existing single-family homes: $380,000
- Region: Central Valley
Tehama County
- Median sold price of existing single-family homes: $380,000
- Region: Northern California
7. Shasta County
- Median sold price of existing single-family homes: $383,300
- Region: Northern California
8. Kern County
- Median sold price of existing single-family homes: $399,500
- Region: Central Valley
9. Mariposa County
- Median sold price of existing single-family homes: $410,000
- Region: Central Valley
10. Imperial County
- Median sold price of existing single-family homes: $410,640
- Region: Southern California
Where are the most expensive homes in California?
According to the California Association of Realtors, the most expensive home prices in the state can be primarily found in the Bay Area.
Bay Area housing costs reached nearly $2 million in August.
Southern California had the second-highest home prices, with the median sold price of existing single-family homes at $863,500.
These five counties had the highest median sold prices for existing single-family homes in August:
- San Mateo County — $1,900,000
- Santa Clara County — $1,851,830
- San Francisco County — $1,528,500
- Marin County — $1,450,000
- Orange County — $1,400,000
How much do houses cost in my area?
Find the full list of home prices by California county on the association’s website.
This story was originally published September 19, 2024 at 12:22 PM with the headline "Home prices are rising in California. Here’s where you can find houses as low as $236,000."
