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After a tough 2023 in which rising interest rates slowed home sales, good news may be on the way for some homeowners. A recent survey from Realtor.com predicts that values in some markets will rise by double digits next year, so if you live in one of these cities in California, you may be in a good position. yeah.
Thousand Oaks – Oxnard – Ventura
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Thousand Oaks, California is already one of the most affluent suburbs in America, offering just about everything a home buyer could want, including great schools, low crime rates, and a high quality of life. Houses on tree-lined streets in the city routinely sell for more than $1 million.
Perhaps the only thing missing from Thousand Oaks that Southern California homebuyers might desire is oceanfront real estate. If that tickles your fancy, both Oxnard and Ventura would fit the bill. Home prices in these cities have been lower than those in Thousand Oaks for years, but they are rising. The average home price in the Thousand Oaks-Oxnard-Ventura Corridor is currently $443,887, making Thousand Oaks much more expensive than her two other cities.
This area is a big draw for Angelenos looking to stay in Southern California and avoid the high cost of living in Los Angeles. All this contributes to why house prices in the area are predicted to rise by 21.3% next year.
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San Diego-Chula Vista-Carlsbad
The San Diego area has always been one of California’s best kept secrets. San Diego has many world-class attractions, including a prime coastal location, a great downtown nightlife district in the Gaslamp Quarter, and an excellent quality of life.
Although the city’s original fame was due to its proximity to U.S. naval bases and training bases and as a gateway to Mexico, most people who spend time there appreciate the city’s safety, warm climate, and You will fall in love with the combination of climate and ease of living.
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All of this explains why California’s biggest secret is no longer a secret. San Diego has shed its reputation as a naval town and become one of the jewels in California’s crown.
The same is true for suburban Chula Vista and Carlsbad. Real estate values in the area have skyrocketed since the COVID-19 pandemic, with the average home price exceeding $1.1 million during the summer. Although values have fallen slightly to $999,000, real estate values are projected to increase by 16.3% in 2024 on the San Diego-Chula Vista-Carlsbad route.
Riverside – San Bernardino – Ontario
Riverside and San Bernardino counties make up a region known as the Inland Empire because they are located approximately 80 miles inland from the coast. For most of the 20 cases,th In the 20th century, Riverside was known for its endless orange groves and farmland, but the area’s affordability and relative proximity to Los Angeles saw its population begin to boom in the 1980s and 1990s.
Commuting from the Inland Empire to Los Angeles is one of the most demanding transportation options in the state, but the combination of affordable housing and the ability to stay close to Los Angeles has kept these markets viable for decades. I did. Now, infrastructure such as Ontario International Airport and a sustained construction boom have turned the Inland Empire into a destination. The Inland Empire is mature and features many high-quality employers.
Both Riverside and San Bernardino offer a wide range of income levels and an abundance of new and relatively new housing. As of 2018, the average home price in the Inland Empire was $400,000. It has since risen to $584,000. That’s still a lot of money, but it’s about half of what you’d pay for an average home in San Diego, Los Angeles, or Orange County. Growth is expected to continue in 2024, with prices expected to rise by 15.8%
California still has a strong charm.
Research from Realtor.com shows that even though many people are leaving California due to high home prices, the state remains highly attractive to buyers. Los Angeles may get all the headlines, but its popularity has spread to suburban counties as well. As a result, home prices are expected to continue rising in Ventura, San Diego, Riverside, and San Bernardino in 2024. If you’re lucky enough to own property in one of these cities, 2024 could be another strong year.
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Option 101: Beginner’s Guide
Want to become an options master? Options expert Nic Chahine’s free report includes 4 perfect tips for beginners, the secret to earning 411% in options, and his proven success. Provides access to ‘plans’. Get your free copy of Options 101: The Beginner’s Guide as soon as possible.
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