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Thanks to ultra-low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in California?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in California is cooling off, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in California

Home values have been rising throughout California and are up 0.96% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $548,700, Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.57%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.57% and the median home price for California at $548,700, a representative monthly mortgage payment would be $2,485.

How the California housing market stacks up

Los Angeles hot sunset view with palm tree and downtown in background. California
IM_photo / Shutterstock
A view of the Los Angeles, California skyline at sunset

Property values in California are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in California, they're expected to rise 1.91%.

Homes are going on the market in California at a median price of $356 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

California home prices over the last 10 years

Year Avg. Price
2019* $558,813
2018 $548,617
2017 $513,217
2016 $474,117
2015 $441,625
2014 $414,158
2013 $370,483
2012 $316,817
2011 $315,475
2010 $336,742
2009 $346,542

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in California is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $890,000
2018 $880,000
2017 $832,500
2016 $767,500
2015 $717,500
2014 $667,500
2013 $612,500
2012 $507,500
2011 $497,500
2010 $535,000
2009 $537,500

*2019 price average through August 2019.