Although too early to know for certain, it seems that the real estate market is going to continue trending upwards in 2017. With home prices remaining strong, and buyer demand becoming even stronger, the opportunity to buy or sell a home has hit new heights.
As the economy has continued to grow steadily, it’s no wonder why the housing market has shown positive signs. Among one of the best performing real estate locations so far is that of California. The state has seen massive growth as a result of the growing economy, with eight cities climbing into the top ten markets nationwide. The hottest California housing markets in January 2017 provide insight into continued growth in well-known areas, and new growth levels in previously overlooked locations. So without further delay, here are the top eight cities with the hottest housing markets so far in 2017:
8) Fresno, CA
Key Insights:
- Median List Price: $250,000
- Price per Sq. Ft.: $139
- Number Homes for Sale (Feb. 2017): 1,294
One of the newer cities to make the list, Fresno’s housing market has been on fire. Perhaps due to the proximity with areas like San Jose and San Francisco, the Fresno market is budding with opportunity. Although largely unincorporated and non-industrial, look out for Fresno to continue it’s uptick through 2017, as more jobs and opportunities arise through the city.
7) Stockton, CA
Key Insights:
- Median List Price: $250,000
- Price per Sq. Ft.: $153
- Number Homes for Sale (Feb. 2017): 1,135
One thing that should be mentioned about Stockton is the low cost of living. Whether you’re planning to invest in a rental property, or buy a home for yourself, the low cost of living and proximity to the more industrial nearby areas make Stockton another flourishing opportunity. However, make sure to get in here quick, as home prices have increased roughly 10% since last year, and are continuing the same trend!
6) Yuba City, CA
Key Insights:
- Median List Price: $277,000
- Price per Sq. Ft.: $146
- Number Homes for Sale (Feb. 2017): 200
Another one of the up-and-coming gems that has yet to be realized! The low cost of living in the city, coupled with increasing job growth in the last few years, have made Yuba City one of the hottest California housing markets in January 2017. Get in before the prices sky rocket!
5) Sacramento, CA
Key Insights:
- Median List Price: $289,000
- Price per Sq. Ft.: $200
- Number Homes for Sale (Feb. 2017): 2,379
Lot’s of homes just ready for buying! Sacramento has seen a huge increase in the number of homes for sale, as well as the growth of the overall housing market. With many new industrial jobs coming in, job growth rates and opportunity have increased immensely! If you’re in the tech or healthcare industry, Sacramento may just be the place to lay down your foundations!
4) San Diego, CA
Key Insights:
- Median List Price: $659,000
- Price per Sq. Ft.: $411
- Number Homes for Sale (Feb. 2017): 1,711
San Diego is probably one of the more sought after cities in the country. Right on the sunny beaches, always good weather, and local economy constantly growing. Housing prices for the city have increased as of late, and look to continue the uptrend. With outstanding educational institutions and increasing job growth, San Diego is clearly one of the hottest California housing markets in January 2017.
3) Vallejo, CA
Key Insights:
- Median List Price: $345,000
- Price per Sq. Ft.: $224
- Number Homes for Sale (Feb. 2017): 200
One of the lesser known real estate markets in California, Vallejo has seen a huge increase in the average home prices, increasing over 8% in the last year. Although a relatively small population, the city has had an influx of job growth since 2014, and looks to continue the trend.
2) San Jose, CA
Key Insights:
- Median List Price: $765,000
- Price per Sq. Ft.: $503
- Number Homes for Sale (Feb. 2017): 1,353
One of the more drastically changing markets in the past decade is San Jose. Although popular for quite some time, the more recent tech advances and silicon valley mentality has seen San Jose rise dramatically. With job opportunities, come hotter housing markets, and San Jose has been the epitome of that.
1) San Francisco, CA
Key Insights:
- Median List Price: $1,300,000
- Price per Sq. Ft.: $859
- Number Homes for Sale (Feb. 2017): 986
The most expensive, and consequently most active, California housing market in January 2017 was none other than San Francisco. For many years, the ideal tech hub has led housing prices to skyrocket, leaving the local real estate market to catch fire as a result. Although expensive, San Francisco is the perfect place for anybody who is looking to launch a career in the tech industry.