Home ownership is a major goal for many. In fact, it is a key component in “the American dream.” However, it might not be a reasonable goal for every city in America. The housing market is increasing and these California cities are seeing real estate prices skyrocket in just one year. If you’re looking for a home in one of these 5 cities, you might want to look elsewhere.
Santa Clara Diet
Sunnyvale has had a 24.8% increase in their housing market prices. That increases the price of most homes by about $298,000. HOLY COW! To live in this gem of Santa Clara County, you must have big bucks. It is an expensive area with a high cost of living. If it has always been your dream to live in sunny California, you might want to consider another city. This one might cost you both arms and both legs.
Silicon Valley Nightmare
In just one year, San Jose home prices have increased by 23%. That’s an average price rise of $184,050. Unfortunately, it’s only going to get worse. More and more people are coming to live in Silicon Valley, and San Jose is at its center. That matched with the labor market is going to keep causing home prices to rise in this city.
The Real Orange County
Irvine, California is seeing a milder increase compared to the two previous cities. Orange County is already expensive, but homes in Irvine have increased in price by about $15.5%. That’s still not chump change though. That increase equates to $138,000. Homes in this area have reached the $1 million dollar mark.
Almost Los Angeles
Supply and demand can’t keep up in Glendale, California. People are looking for homes in this beautiful city in Los Angeles County, but there just are not enough. They’ve already experienced a 13.8% rise in prices equating to $103,500. With the high demand for homes in this area that means bidding wars will raise prices even more.
The New Gold Rush
It’s interesting how small percentages still mean big bucks. Fremont had its first growth spurt in the California Gold Rush, but recently the price of homes has increased by 11.1%. That doesn’t sound too bad right? Well, it is. That still equates to an over $100,000 price increase. Taking homes that were on average priced at $899,900 to almost $1 million.