Experts say that the California real estate market will stay red hot for sellers throughout 2017. While some suggest a minor downturn if interest rates raise by the end of the year, prices are higher than ever in California making it a great time to sell real estate in the state.
The hottest market in the United States is San Francisco. The median home price is $1,147,300. Most homes are listing for about $994 per square foot. The Parnassus – Ashbury neighborhood remains the hottest in San Francisco with the median home selling for $1,921,400. Great bargains can still be found in the Midtown Terrace and Twin Peaks neighborhoods.
Closely following on the heels of San Francisco is the Vallejo housing market. The median home value in Vallejo is $342,900 making it a very affordable place to buy for first-time home buyers. As word continues to spread about the bargains, prices are expected to climb about 3 percent over the next year. Currently, the median price per square foot for a home is $229.
Finishing in third place as the hottest real estate market in California is San Diego where the median home is valued at $555,400. Buyers are listing most homes at about $421 per square foot.