California Real Estate Market Forecast for 2024: Thousand Oaks-Oxnard-Ventura, San Diego-Chula Vista-Carlsbad, Riverside-San Bernardino-Ontario
The California real estate market is poised for a rebound in 2024, with some cities expected to see double-digit increases in home values. According to a recent study from Realtor.com, homeowners in certain areas may be in for a windfall next year.
One of the standout regions predicted to experience significant growth is the Thousand Oaks-Oxnard-Ventura corridor. Thousand Oaks, known for its affluent suburbs and high-quality living standards, has homes that routinely sell for over $1 million. Nearby Oxnard and Ventura offer more affordable options, with home prices currently averaging $443,887 in the area. The forecast for 2024 predicts a substantial 21.3% increase in property values for this region.
Moving down the coast, the San Diego-Chula Vista-Carlsbad area is also expected to see a boost in home prices next year. San Diego, long considered a hidden gem in California, offers a mix of attractions, safety, and a desirable coastal location. Surrounding suburbs like Chula Vista and Carlsbad have seen property values surge, with the average home price nearing $1.1 million over the summer. Despite a slight pullback, the forecast for 2024 anticipates a 16.3% increase in home values for this region.
Further inland, the Riverside-San Bernardino-Ontario area, known as the Inland Empire, has seen a steady rise in property values over the years. Once known for its orange groves and farmland, the region has transformed into a popular destination with affordable housing options and proximity to Los Angeles. The average home price in the Inland Empire has jumped from $400,000 to $584,000, with a projected 15.8% increase in property values for 2024.
Despite high home prices prompting some to leave the state, California continues to attract buyers, especially in these growing markets. Ventura, San Diego, Riverside, and San Bernardino are expected to see continued growth in home prices next year, making 2024 a potentially lucrative year for homeowners in these cities.