The Shocking Reality of Southern California Housing Prices

The housing market in Southern California is reaching new heights of unaffordability, with a staggering number of million-dollar listings dominating the region. According to data from the California Association of Realtors, a whopping 46% of all single-family houses for sale in September were priced at $1 million or more.

In Orange County, 84% of the inventory consisted of million-plus listings, with 44% asking $2 million or more and 29% at $3 million or higher. Los Angeles County followed closely behind, with 66% of listings at seven figures, and Riverside and San Bernardino counties also had significant percentages of million-dollar homes.

The issue isn’t limited to Southern California, as the state as a whole had 2,427 seven-figure listings in September. With house prices requiring monthly payments upwards of $5,800 for a $1 million home, many families are finding it increasingly difficult to afford homeownership in the region.

The trend of unaffordable housing extends to numerous communities across Southern California, with 69 having a median listing price exceeding $1 million. Some cities, such as Beverly Hills and Malibu, have median asking prices well into the millions, making $1 million seem like a relative bargain.

As the housing market continues to soar to new heights of unaffordability, many families are being priced out of homeownership in Southern California. With a significant portion of listings asking for seven figures, the dream of owning a home in the region is becoming increasingly out of reach for many.