Updated: Mar 25
California is a state that truly has it all. From its beautiful scenery, diverse food options, and thriving industries, it's a popular destination for many. However, living in California can be expensive, especially when it comes to real estate prices. If you have been dreaming of living in the Golden State but have been deterred by high home prices, you'll be happy to know that there are eight cities in California where home values have seen significant decreases.
If you've purchased a home in these areas in the past 36 months, don't worry. California real estate always bounces back. In the meantime, AOPTA The Property Tax Experts can help you save a siginificant amount on your property taxes each because California law says when values go down, so must assessed values resulting in paying lower taxes. Get in touch with us at the end of the article.
If you're looking to buy, we've put together a list to help you find the best deal, we have put together a list of eight cities in California where home prices have seen a significant decrease. These cities offer a good opportunity for homebuyers to get their dream home in the Golden State without breaking the bank.
San Francisco: The median sale price in September was $1,196,667 with a 3-month change in price of minus-$188,333, a decrease of 15.74%. Despite the high cost of rent, San Francisco is still attracting young professionals making it an attractive place to start a career and become a homebuyer.
San Jose: The median sale price in September was $1,480,000 with a 3-month change in price of minus-$173,833, a decrease of 11.75%. San Jose is the epicenter of Silicon Valley and home to the highest number of wealthy individuals in the world.
Stockton: The median sale price in September was $518,333 with a 3-month change in price of minus-$41,667, a decrease of 8.04%. Stockton is located in the heart of the Central Valley and is one of the agricultural centers of the state. Housing prices are significantly lower than other urban metro areas, making it a great place to buy a home.
Los Angeles: The median sale price in September was $901,333 with a 3-month change in price of minus-$63,667, a decrease of 7.06%. Los Angeles is known for its iconic film industry and diverse cuisine, making it an attractive place to live for those looking for fame and stardom or a foodie's paradise.
San Diego: The median sale price in September was $853,333 with a 3-month change in price of minus -$55,000, a decrease of 6.45%. San Diego is known for its beaches, sunny days, and top-ranked educational institutions, making it an affordable and classy place to call home.
Oxnard: The median sale price in September was $818,333 with a 3-month change in price of minus-$50,000, a decrease of 6.11%. Oxnard is a lesser-known city in California that provides outdoor access to sprawling fields and incredible coasts, while still being within an hour's drive to Los Angeles.
Riverside is a city located in southern California, between the cities of Los Angeles and San Diego. With a median sale price of $545,000 in September, Riverside is a great place to buy a home due to its lower home prices. In the past three months, the median sale price in Riverside has decreased by 4.65%, with a decrease of $25,333.
In conclusion, if you have been dreaming of living in California but have been deterred by high home prices, these eight cities might be the perfect place for you to put down roots. With home prices decreasing, it's a great time to buy a home in the Golden State.
Additionally, it's important to note to reemember that California law states that when home values go down, assessed values must also decrease. This means that you can save a significant amount on your property taxes by working with AOPTA The Property Tax Experts if you have purchased a home in these areas in the past 36 months.