These 3 Southern California Metros Just Saw a Jump in Home Values

The housing market is in flux, as per usual, but there’s some positive news for Riverside, Los Angeles, and San Diego County homeowners: home values are on the rise. According to a January 2024 market report by Zillow, there was a significant jump in most of the 50 largest metro areas in the country—most notably, annual price gains were highest in San Diego (9.6%) and Los Angeles (7.4%). 

There were also month-over-month increases in a few major metro areas, too, with the biggest in Riverside (0.2%) and San Diego (0.1%). New York, Las Vegas, and Miami rounded out the list.

So, what does it all mean for Southern California homeowners? If you’re thinking about selling your home in San Diego, Los Angeles, or Riverside, you should be able to add a heftier price tag to it. The numbers in the report also prove that more people are taking the plunge and putting their homes on the market, with the number of new listings increasing by 5.8% nationwide compared to last year. That’s still lower than pre-pandemic numbers, but it’s a promising sign for potential sellers.

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More granularly, San Diego’s new listings were up by 27.7% year-over-year, and Riverside’s were up by 20.1%. The number of homes that have sold over list price has also increased across the country, but there were particularly high numbers for three California metros: San Jose (33.8%), San Francisco (14.3%), and Los Angeles (14.3%). 

The only three metros with a decrease in home values year-over-year were in New Orleans, Austin, and San Antonio. As for month-over-month, the largest drop in home values were in New Orleans, Minneapolis, Buffalo, Cleveland, and Pittsburgh. 

The report also detailed that homes priced and marketed “correctly” sold within 29 days, and under 30 days is always the goal for sellers and their real estate agents. Looking for more ways to sell your house quickly? Check out some tips from a real estate pro.