The answer depends on where you look
Recent headlines have touted “All-Time” Highs for home prices. Despite higher mortgage rates, the real estate market has marched upward, with most areas seeing price increases over the past year.
In fact, the median home price in California topped $900,000 for the first time ever in April and climbed even further in May! But while these state-wide numbers are indeed at all-time highs, many markets across the United States, including most here in Northern California, are still trying to claw back the 15-25% losses realized in 2022.
Here are some charts that show while home prices are increasing, they are still lower than the 2022 peaks.Sacramento County – Median Home Price
Sacramento County home prices peaked in May 2022, with the median home price topping out at $575,000. Things dropped considerably in the following 6 months, giving back 16%. Since early 2023, home prices have risen steadily, but still are under the 2022 peak.
Folsom – Median Home Price
Folsom experienced a similar pattern, but the fall was more pronounced. After peaking at $850,000, Folsom home prices dropped 20% in the second half of 2022. The current median home price is $775,000, much higher than the low in late 2022 but still not at all-time highs.
El Dorado Hills – Median Home Price
El Dorado Hills had one of the biggest pullbacks in 2022. EDH home prices peaked a bit earlier in 2022, and spent the entire year sliding down from nearly 1.12M to $800,000 (28%). Things have mostly recovered as the median home price sits at nearly 1.08M, but not an all-time high.
United States – Median Home Price
This trend is common not just in Northern California, but all around the country. Nationwide, home prices hit their all-time highs in 2022 and have attempted to climb back to those levels ever since.
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