Despite skyrocketing costs of living, high home prices, and mass migration out of the state: The California housing market is on the rise so far in 2018.
California is home to a lot of things. High home prices, residents living in RVs, and as it turns out; a lot of poverty. However, despite soaring home prices, January of 2018 saw the California housing market doing just fine.
According to Realtor.com, 13 of the nation’s 20 hottest real estate markets in January were in California.
“Even with sky-high prices, homes in places like the Bay Area typically sell twice as quickly as homes in the rest of the country, thanks to a supercharged economy and a major dearth of available properties.” – Javier Vivas, director of economic research at Realtor.com
Will It Last?
Barring a major change to the state’s economic position, Vivas doesn’t see this trend slowing up. However, California IS losing residents at an alarmingly high rate. What’s more, the market may be driven by the fact that wealthy residents are moving in while lower income residents are moving out.
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