California Residential Real Estate - Statistics & Facts

Published by Jennifer Rudden, Jan 17, 2019
California is home to one of the biggest residential real estate markets in the United States. As a state that is famous for sunny weather, breathtaking natural surroundings, and a thriving economy, there is a high level of demand for housing; especially in the major metropolitan areas of Los Angeles, San Diego, and San Francisco. In fact, San Francisco and San Jose, CA are tied for first place as the cities in the United States where homes were sold most quickly, averaging about 36 days each. However, California is also home to some of the most expensive housing markets in the world. For young adults seeking to work and settle down in the San Francisco Bay Area or Los Angeles, over 21 percent received parental help with down payments, about four percentage points higher than the national average.

San Francisco is nothing if not a city with character. For many it is still considered the capital of the counterculture movement of the 1960s as well as the LGBT capital of the United States. However, in recent years the iconic city has gained a reputation for being prohibitively expensive. In 2012, only about 20 percent of homes in San Francisco were valued at one million U.S. dollars or more, a share which has grown to 66 percent as of 2017. Much of this increase can be attributed to the increase in housing demand with the explosive economic growth of Silicon Valley combined with the limited amount of physical space on the peninsula where San Francisco is located. The volume of homes sold in San Francisco has decreased from over six thousand in 2015 to just under five thousand in 2017. If one prefers to rent an apartment in the San Francisco Bay Area, the average rent in cities such as Berkeley, Redwood City, and Mountain View is over three thousand U.S. dollars per month.

Unlike San Francisco, which is constrained by the peninsula it is located on, Los Angeles is an enormous sprawling metropolitan area, consisting of Los Angeles proper and dozens of smaller cities blending into one another and spreading out across the desert of Southern California. The volume of homes sold in Los Angeles has remained stable at around 82,000 every year from 2015 to 2017. There is considerable variation between housing prices within different areas of Los Angeles. In Downtown Los Angeles, one million dollars could buy one a 1,500 square foot home, while in Beverly Hills, the same amount of money could only purchase a 968 square foot home.

Interesting statistics

In the following 4 chapters, you will quickly find the 24 most important statistics relating to "Residential real estate in California ".

Residential real estate in California

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San Francisco

Los Angeles

San Diego

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