Housing

These Are the California Cities Where Home Prices Have Surged

Sam Stebbins

Published: September 12, 2024 2:53 pm

24/7 Wall St. Insights

• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38% nationwide and about 30% in California.
• But location matters in the U.S. housing market, and in some parts of California, list price increases have been far more modest than in others.
• Also: 2 Dividend Legends To Hold Forever

The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.

Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.

The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.

Few parts of the country have been spared from surging home prices. In California, the median list price among all homes on the market was $777,900 in July 2024, up 29.9% — or $178,900 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)

Notably, when it comes to the housing costs, location matters — and in some parts of California, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 30 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 12.0% to 57.5% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $47,000 to $558,000 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)

It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, there are nine California metro areas where most homes were listed for over $1 million in July 2024, and only two of them rank among the 10 cities on this list with the largest price increases.

This is how home prices have changed since the pandemic in every city in California. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.

Why It Matters

Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of California have borne the brunt of rising prices, while others have been largely shielded.

30. San Jose-Sunnyvale-Santa Clara, CA

• Change in median list price since start of pandemic: +12.0% (+$149,945)
• Median home list price: $1,399,750 in July 2024; $1,249,805 in March 2020
• Median list price per square foot: $853 in July 2024; $719 in March 2020
• Size of a typical listed home: 1,671 sq. ft. in July 2024; 1,808 sq. ft. in March 2020

29. Chico, CA

• Change in median list price since start of pandemic: +12.1% (+$47,000)
• Median home list price: $436,000 in July 2024; $389,000 in March 2020
• Median list price per square foot: $271 in July 2024; $219 in March 2020
• Size of a typical listed home: 1,725 sq. ft. in July 2024; 1,755 sq. ft. in March 2020

28. Ukiah, CA

• Change in median list price since start of pandemic: +13.5% (+$84,425)
• Median home list price: $711,800 in July 2024; $627,375 in March 2020
• Median list price per square foot: $385 in July 2024; $349 in March 2020
• Size of a typical listed home: 1,850 sq. ft. in July 2024; 1,705 sq. ft. in March 2020

27. Salinas, CA

Main Street, Salinas (CC BY 2.0) by Naotake Murayama

• Change in median list price since start of pandemic: +18.2% (+$206,944)
• Median home list price: $1,343,944 in July 2024; $1,137,000 in March 2020
• Median list price per square foot: $736 in July 2024; $539 in March 2020
• Size of a typical listed home: 1,918 sq. ft. in July 2024; 2,126 sq. ft. in March 2020

26. Redding, CA

• Change in median list price since start of pandemic: +22.5% (+$80,250)
• Median home list price: $437,475 in July 2024; $357,225 in March 2020
• Median list price per square foot: $251 in July 2024; $195 in March 2020
• Size of a typical listed home: 1,767 sq. ft. in July 2024; 1,882 sq. ft. in March 2020

25. Vallejo, CA

• Change in median list price since start of pandemic: +26.5% (+$129,125)
• Median home list price: $617,125 in July 2024; $488,000 in March 2020
• Median list price per square foot: $350 in July 2024; $277 in March 2020
• Size of a typical listed home: 1,772 sq. ft. in July 2024; 1,796 sq. ft. in March 2020

24. Crescent City, CA

• Change in median list price since start of pandemic: +26.7% (+$101,125)
• Median home list price: $479,500 in July 2024; $378,375 in March 2020
• Median list price per square foot: $285 in July 2024; $202 in March 2020
• Size of a typical listed home: 1,741 sq. ft. in July 2024; 1,874 sq. ft. in March 2020

23. Sacramento-Roseville-Folsom, CA

• Change in median list price since start of pandemic: +28.8% (+$145,750)
• Median home list price: $652,500 in July 2024; $506,750 in March 2020
• Median list price per square foot: $354 in July 2024; $262 in March 2020
• Size of a typical listed home: 1,902 sq. ft. in July 2024; 1,946 sq. ft. in March 2020

22. Santa Rosa-Petaluma, CA

• Change in median list price since start of pandemic: +31.4% (+$251,000)
• Median home list price: $1,050,000 in July 2024; $799,000 in March 2020
• Median list price per square foot: $585 in July 2024; $435 in March 2020
• Size of a typical listed home: 1,937 sq. ft. in July 2024; 1,910 sq. ft. in March 2020

21. Yuba City, CA

• Change in median list price since start of pandemic: +32.5% (+$117,025)
• Median home list price: $477,000 in July 2024; $359,975 in March 2020
• Median list price per square foot: $273 in July 2024; $192 in March 2020
• Size of a typical listed home: 1,827 sq. ft. in July 2024; 1,895 sq. ft. in March 2020

20. Los Angeles-Long Beach-Anaheim, CA

• Change in median list price since start of pandemic: +34.9% (+$316,934)
• Median home list price: $1,225,434 in July 2024; $908,500 in March 2020
• Median list price per square foot: $695 in July 2024; $491 in March 2020
• Size of a typical listed home: 1,839 sq. ft. in July 2024; 1,920 sq. ft. in March 2020

19. Sonora, CA

• Change in median list price since start of pandemic: +36.3% (+$123,250)
• Median home list price: $462,500 in July 2024; $339,250 in March 2020
• Median list price per square foot: $272 in July 2024; $203 in March 2020
• Size of a typical listed home: 1,821 sq. ft. in July 2024; 1,765 sq. ft. in March 2020

18. Susanville, CA

Susanville, California (CC BY-SA 2.0) by Ken Lund

• Change in median list price since start of pandemic: +36.6% (+$82,250)
• Median home list price: $307,250 in July 2024; $225,000 in March 2020
• Median list price per square foot: $184 in July 2024; $148 in March 2020
• Size of a typical listed home: 1,646 sq. ft. in July 2024; 1,469 sq. ft. in March 2020

17. Santa Cruz-Watsonville, CA

• Change in median list price since start of pandemic: +36.8% (+$349,500)
• Median home list price: $1,298,500 in July 2024; $949,000 in March 2020
• Median list price per square foot: $783 in July 2024; $603 in March 2020
• Size of a typical listed home: 1,615 sq. ft. in July 2024; 1,638 sq. ft. in March 2020

16. Modesto, CA

• Change in median list price since start of pandemic: +37.2% (+$144,775)
• Median home list price: $534,000 in July 2024; $389,225 in March 2020
• Median list price per square foot: $298 in July 2024; $213 in March 2020
• Size of a typical listed home: 1,800 sq. ft. in July 2024; 1,888 sq. ft. in March 2020

15. Stockton, CA

Stockton, California (CC BY 2.0) by Sharon Hahn Darlin

• Change in median list price since start of pandemic: +38.3% (+$164,275)
• Median home list price: $593,500 in July 2024; $429,225 in March 2020
• Median list price per square foot: $319 in July 2024; $229 in March 2020
• Size of a typical listed home: 1,868 sq. ft. in July 2024; 1,877 sq. ft. in March 2020

14. Fresno, CA

Fresno (Shutterstock.com) by Jacob Boomsma

• Change in median list price since start of pandemic: +38.7% (+$130,942)
• Median home list price: $469,450 in July 2024; $338,508 in March 2020
• Median list price per square foot: $263 in July 2024; $179 in March 2020
• Size of a typical listed home: 1,868 sq. ft. in July 2024; 1,858 sq. ft. in March 2020

13. San Diego-Chula Vista-Carlsbad, CA

• Change in median list price since start of pandemic: +38.7% (+$289,750)
• Median home list price: $1,038,750 in July 2024; $749,000 in March 2020
• Median list price per square foot: $646 in July 2024; $422 in March 2020
• Size of a typical listed home: 1,688 sq. ft. in July 2024; 1,806 sq. ft. in March 2020

12. Oxnard-Thousand Oaks-Ventura, CA

• Change in median list price since start of pandemic: +39.7% (+$322,762)
• Median home list price: $1,135,000 in July 2024; $812,238 in March 2020
• Median list price per square foot: $567 in July 2024; $395 in March 2020
• Size of a typical listed home: 1,975 sq. ft. in July 2024; 2,134 sq. ft. in March 2020

11. Riverside-San Bernardino-Ontario, CA

• Change in median list price since start of pandemic: +41.2% (+$175,050)
• Median home list price: $600,000 in July 2024; $424,950 in March 2020
• Median list price per square foot: $345 in July 2024; $222 in March 2020
• Size of a typical listed home: 1,815 sq. ft. in July 2024; 1,973 sq. ft. in March 2020

10. Eureka-Arcata, CA

• Change in median list price since start of pandemic: +41.3% (+$145,500)
• Median home list price: $498,000 in July 2024; $352,500 in March 2020
• Median list price per square foot: $323 in July 2024; $228 in March 2020
• Size of a typical listed home: 1,527 sq. ft. in July 2024; 1,506 sq. ft. in March 2020

9. Merced, CA

• Change in median list price since start of pandemic: +41.7% (+$140,661)
• Median home list price: $478,161 in July 2024; $337,500 in March 2020
• Median list price per square foot: $276 in July 2024; $184 in March 2020
• Size of a typical listed home: 1,760 sq. ft. in July 2024; 1,806 sq. ft. in March 2020

8. Clearlake, CA

• Change in median list price since start of pandemic: +42.1% (+$125,000)
• Median home list price: $422,000 in July 2024; $297,000 in March 2020
• Median list price per square foot: $255 in July 2024; $188 in March 2020
• Size of a typical listed home: 1,666 sq. ft. in July 2024; 1,469 sq. ft. in March 2020

7. Red Bluff, CA

• Change in median list price since start of pandemic: +42.3% (+$129,725)
• Median home list price: $436,725 in July 2024; $307,000 in March 2020
• Median list price per square foot: $249 in July 2024; $188 in March 2020
• Size of a typical listed home: 1,795 sq. ft. in July 2024; 1,628 sq. ft. in March 2020

6. Hanford-Corcoran, CA

California State Route 41, Kin... (CC BY-SA 2.0) by Ken Lund

• Change in median list price since start of pandemic: +49.1% (+$125,100)
• Median home list price: $380,000 in July 2024; $254,900 in March 2020
• Median list price per square foot: $237 in July 2024; $156 in March 2020
• Size of a typical listed home: 1,609 sq. ft. in July 2024; 1,669 sq. ft. in March 2020

5. Bakersfield, CA

View from the top 01 (CC BY 2.0) by Robert Bejil

• Change in median list price since start of pandemic: +49.1% (+$132,500)
• Median home list price: $402,450 in July 2024; $269,950 in March 2020
• Median list price per square foot: $229 in July 2024; $154 in March 2020
• Size of a typical listed home: 1,735 sq. ft. in July 2024; 1,716 sq. ft. in March 2020

4. Madera, CA

• Change in median list price since start of pandemic: +51.2% (+$177,638)
• Median home list price: $524,638 in July 2024; $347,000 in March 2020
• Median list price per square foot: $264 in July 2024; $180 in March 2020
• Size of a typical listed home: 2,025 sq. ft. in July 2024; 1,956 sq. ft. in March 2020

3. Napa, CA

• Change in median list price since start of pandemic: +52.3% (+$558,000)
• Median home list price: $1,624,750 in July 2024; $1,066,750 in March 2020
• Median list price per square foot: $733 in July 2024; $558 in March 2020
• Size of a typical listed home: 2,186 sq. ft. in July 2024; 2,074 sq. ft. in March 2020

2. San Luis Obispo-Paso Robles, CA

• Change in median list price since start of pandemic: +56.9% (+$425,950)
• Median home list price: $1,174,950 in July 2024; $749,000 in March 2020
• Median list price per square foot: $604 in July 2024; $404 in March 2020
• Size of a typical listed home: 1,938 sq. ft. in July 2024; 1,882 sq. ft. in March 2020

1. Visalia, CA

• Change in median list price since start of pandemic: +57.5% (+$155,100)
• Median home list price: $425,000 in July 2024; $269,900 in March 2020
• Median list price per square foot: $240 in July 2024; $161 in March 2020
• Size of a typical listed home: 1,800 sq. ft. in July 2024; 1,770 sq. ft. in March 2020