AS we come to the close of 2021, the data shows that the Southern California housing market has continued to appreciate for the past three years since 2019.
As of date, here are the average sales prices for single-family homes in Southern California in comparison to years 2020 and 2019.
Los Angeles County’s average sales price was $1,315,372 for Yr 2021, in comparison to $1,095,279 in Yr 2020, and $975,016 in Yr 2019.
Orange County’s average sales price was $1,278,850 for Yr 2021, compared to $1,022,097 in Yr 2020, and $924,339 in Yr 2019.
San Bernardino County’s average sales price was $509,389 for Yr 2021, compared to $416,950 in Yr 2020, and $376,944 in Yr 2019.
Riverside County’s average sales price is $635,098 for Yr 2021, compared to $516,775 in Yr 2020, and $461,373 in Yr 2019.
Is the market slowing down or going up? The Southern California market continues to be going strong, as shown by the data in the last 36 months. However, always note that real estate is hyperlocal and the market demand is based on the local area, the local zip code, and neighborhood. Going into the new year and 2022, there are assessments that the sales price increases will slow down as the federal government indicated that they will be raising interest rates.
Will it still be a good time in 2022 to buy or sell? Yes, both. It’s a good time to buy because of the historically low mortgage rates. If the interest rates do increase in the coming year, they won’t increase so significantly to match what they were 20 years ago. I estimate that interest rates will still be under 4%. Historically, that’s still a low rate, however, if you’ve been on the fence to purchase, I wouldn’t wait for home prices to make a significant drop for you to jump in.
If you’re already a homeowner and looking to sell, it’s still a good time to sell. It’s still considered a seller’s market with a low inventory of homes for sale. Take advantage of the equity to purchase a larger home, downsize, or for other investments.
As we close out the year 2021 and prepare for 2022, just remember: Time is of the essence whether you’re looking to buy or sell as an investor, or as a homeowner. Merry Christmas, Happy Holidays, and Happy New Year! Life’s Short, Love What You Do, Love Where You Live.
(*Figures are based on CRMLS data, as of date Dec 2021.)
Call / Text 213-608-5837 for a complimentary consultation, property value assessment, Selling, Buying, or Investing in real estate. Connect with me @jasonarealtor on Facebook, Instagram, and LinkedIn.
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JASON AGCAOILI, REALTOR | Ca DRE #01947185
JASONAREALTOR.com | HomeSmart Realty Group. Your Realtor for the Los Angeles Metropolitan, South Bay, and Beach Cities areas. | Member – California Association of Realtors and the South Bay Association of Realtors