Yesterday’s news that California’s median home price broke the $800,000 mark last month sent shockwaves through the industry. And while it’s unsurprising that the Bay Area carried the largest regional increase (101.4 percent year-over-year), many were surprised to learn which SoCal counties saw some of the largest jumps—San Diego and Ventura!
According to the California Association of Realtors, San Diego County’s median home price in April was $825,120, up from $671,000 in April 2020. Similarly, a little ways north, Ventura County also saw prices surge, with April’s median home price coming in at $865,000, up from $675,000 a year earlier.
That means San Diego and Ventura Counties saw a 23 percent and 28 percent increase in home prices, respectively. For context, the median home price in Los Angeles County for April was $707,050, up for $565,170 a year earlier.
Local experts say while the actual prices in San Diego and Ventura may carry sticker shock, with the lack of inventory in the market at the moment, it’s easy to understand why we’re seeing such dramatic increases.
“Not only do skyrocketing home prices threaten already-low homeownership levels and make it harder for those who don’t already have a home to purchase one, it also brings to question the sustainability of this market cycle,” C.A.R. Vice President and chief economist Jordan Levine said.
Want another surprising number? The average number of days it took to sell a California single-family home hit another record low of just 7 days in April, down from 13 days in April 2020.