Current home values in California
Home values have been rising throughout California and are up 2.7% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $1,290,263, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in California: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $1,290,263 home at 3.33% would give a typical California homebuyer a monthly payment of $4,538, assuming a 20% down payment.
Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.
Compare RatesHow the California housing market stacks up
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The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in California, they're predicted to rise 7.1%.
Homes right now are going on the market in California at a median price of $327 per square foot, versus $134 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 |
|---|---|
| 2020* | $574,018 |
| 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 |
*2020 price average through March 31, 2020.
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Explore better ratesHow 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 |
|---|---|
| 2020* | $817,344 |
| 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 |
*2020 price average through March 31, 2020.
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