Prospective buyers in California may have trouble landing their forever homes in cities like Los Angeles or San Francisco due to expensive home prices and low inventory; however, purchasing a home in the Golden State is still possible.
For those with little flexibility on location, a new study from Realtor.com revealed that homes in Chico have been on the market for longer and aren’t as expensive as other homes In California.
Researchers found that Chico, located in Northern California, has a surplus in home inventory. On average, homes in the area have stayed in the market for 78 days, which is more than twice as long as they were a year ago, according to the report.
In comparison, on average, homes in Los Angeles stay on the market for 61 days and in San Francisco, the average is 29. In San Diego, homes usually remain on the market for 30 days, according to Redfin data from February.
Researchers noted that the housing surplus and the amount of time a home spends on the market could be good news for anyone purchasing in the Chico area.
For example, a single-family home sells for $409,000 in the metro area. In Los Angeles, a single-family home can sell for as low as $525,000 or as much as $1.8 million, according to Redfin.
Chico isn’t the only city experiencing a similar pattern. Experts identified five other cities nationwide with a surplus in homes selling for lower prices.
The top five places where homes are selling at a slower rate
1. Huntsville, Alabama:
- Average home price: $399,875
- Homes stay on the market for 59 days on average.
2. Chico, California
- Average home price: $431,175
- Homes stay on the market for 78 days on average.
3.Raleigh, North Carolina
- Average home price: $450,000
- Homes remain on the market for 53 days on average.
4. Lebanon, New Hampshire
- Average home price: $499,000
- Homes remain on the market for 70 days on average.
5. Hilo, Hawaii
- Average home price: $628,000
- Homes stay on the market for 88 days on average.