If you’re in the market for a new home or gauging whether it’s a good time to put your home on the market, our aim is to give you a trustworthy California housing marketing forecast for 2021 — and beyond. As we continue to drift in the wake of the COVID-19 pandemic, we understand it’s been a difficult time to navigate the real estate market. Continue to refer back to this post periodically for future updates. We’ve got you covered.
The State of the Real Estate Market in California
Despite the lingering presence of COVID-19, an economic downturn, and torrid heat waves, the Southern California housing market saw home prices hit an all-time high in 2021. Five-figure increases rolled in month-to-month since the market flattened in June 2020, but that pace seems to be slowing as average incomes struggle to justify higher increases. This record-setting frenzy was driven in turn by record low mortgage rates as people attempted to adjust to new lifestyles and circumstances during COVID, leading some to look for more space. While many still search for their dream properties, the unsustainable uptick in sales prices has forced others to back away from the market for now.
Steady Home Prices in California
Though the Southern California housing market forecast for 2021 appears to be cooling, housing prices are not expected to drop dramatically anytime soon. In fact, the six-county region’s median sales price was $680,000 in August, which was just a -0.1% change from the previous month. And this is only the six-county median, as Los Angeles County’s median home price is currently estimated at $790,000, up from $440,000 back in November 2020. Needless to say, the market has seen tremendous growth over the past year, pushing new records across the region.
Enhancing Your Property Value
While the Southern California Housing Market Forecast for 2021 may be cooling, that does not mean enhancing your own property value is out of the question. As one of Southern California’s premier glass door and window manufacturers, we recognize better than most how much upgrading a home’s design and features can enhance the property value. Take your property’s future into your own hands by modernizing its design and shaping it for the world to come. As Southern California becomes more accustomed to hotter and drier conditions, boost your home’s value and energy efficiency by making practical improvements — such as high-performance windows and doors — to stay ahead of the curve.
Don’t forget to revisit this page periodically to stay up-to-date on the latest happenings in the Southern California housing market. Will the market continue to cool amid the COVID-19 pandemic, or will it return to record-breaking upturns? We’ll save the speculation for now, but as the market continues to develop, we’ll make sure to keep you updated with everything you need to know. If you want to continue enhancing your property value in the meantime, however, contact us today to learn more about high-performance, energy-efficient windows and doors.