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.

How the California housing market stacks up

Older coupe biking on a beach
sirtavelalot / Shutterstock
California couples of all ages can still have fun at the many beaches

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.

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
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."