10 California Places You Might Not Be Able To Afford Now Due to Fast-Growing Home Sales Prices
California is one of the hotter housing markets in the U.S. right now, with a median home sale price of $838,200. This is almost double the national median home price of $439,455. While the median home price in the U.S. rose 4.1% this year, California home prices are currently up 6.9%.
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However, some metro areas in California have experienced much higher growth, which means the average California resident may have an even harder time saving up to buy a home there. According to Redfin data, here are the 10 regions in California where real estate prices rose the most.
Yorba Linda
Median sales price increase from 2023 to 2024: 36.4%
Yorba Linda has experienced the most substantial price increase. The town is known for its beautiful estates and high-end amenities. With a current median home sale price of $1,552,500, Yorba Linda offers luxurious living with ample green spaces and a family-friendly atmosphere. A total of 62 homes were sold there this year.
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Orange
Median sales price increase from 2023 to 2024: 27.7%
Orange mixes small-town charm with its historic architecture, particularly the Old Towne Orange Historic District. The median home price here is $1,200,000, and properties tend to sell within 29 days, indicating a highly competitive market. A total of 67 homes have been sold this year.
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Rancho Santa Margarita
Median sales price increase from 2023 to 2024: 25.3%
Rancho Santa Margarita has many planned communities and a family-friendly atmosphere. The city offers a variety of outdoor activities with numerous parks and lakes, making it an attractive place for families looking for a balanced lifestyle. The median home price in Rancho Santa Margarita is $1,040,000. Homes typically stay on the market for 26 days, and 38 homes have been sold this year.
San Clemente
Median sales price increase from 2023 to 2024: 22.2%
San Clemente attracts with its stunning coastal views and laid-back lifestyle. Known as the “Spanish Village by the Sea,” this city offers a blend of historic sites, surfing culture and modern amenities.
San Clemente has a median home price of $1,650,000. The market here is fairly active, with homes averaging 41 days on the market and 72 homes sold this year. Its beautiful beaches and close-knit community feel continue to attract buyers looking for a serene lifestyle.
Torrance
Median sales price increase from 2023 to 2024: 22.0%
Many may choose Torrance for its proximity to Los Angeles. The town has a quieter suburban feel with access to city amenities. With a median home price of $1,340,000 and one of the fastest-selling rates, homes here stay on the market for about 26 days. The city saw 78 homes sold this year.
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Mission Viejo
Median sales price increase from 2023 to 2024: 20.8%
Mission Viejo is known for its well-maintained neighborhoods and numerous recreational facilities, including golf courses and Lake Mission Viejo. The median home price here is $1,259,000. Homes here are on the market for an average of 27 days, with 107 homes sold this year.
Napa
Median sales price increase from 2023 to 2024: 18.4%
Napa is renowned worldwide and attracts plenty of tourists each year who come to enjoy its scenic landscapes. The median home price here has increased to $1,015,000. Homes stay on the market for an average of 40 days, with 54 homes sold this year.
Irvine
Median sales price increase from 2023 to 2024: 17.3%
Irvine is known for its educational institutions and high-tech companies. This city appeals to both professionals and families, offering a dynamic environment, with a robust job market and high quality of life. Irvine home prices have hit a median of $1,595,000. This year, 183 homes have been sold, staying on the market for about 27 days.
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San Mateo
Median sales price increase from 2023 to 2024: 17.0%
San Mateo is nestled in Silicon Valley and is home to companies such as Sony Interactive Entertainment and Franklin Templeton Investments. With a median home sale price of $1,675,000, you have to be relatively affluent to buy real estate here. Homes here don’t stay on the market long, with an average of just 14 days before sale, which indicates strong buyer demand and a fast-moving market. So far, 71 homes have been sold this year in San Mateo.
Temecula
Median sales price increase from 2023 to 2024: 16.8%
Temecula stands out for its vibrant cultural scene, including Old Town Temecula, which hosts various events throughout the year. The city’s rural charm makes it an appealing choice for those looking for a slower-paced lifestyle without straying too far from the amenities of larger cities.
While still expensive, Temecula presents a slightly more accessible entry point with a median home sale price of $782,500. Homes here stay on the market for about 29 days, and 116 homes have been sold this year.
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