In this San Bernardino County real estate market update, you’ll learn about existing home sales, pending home sales, inventory, median home prices, and more.
The San Bernardino County Real Estate Market Update for November 2021 reveals a seller’s market with rising prices and fast-moving, limited inventory. The median sale price of single-family homes in San Bernardino County is up to $488,000 with homes spending an average of just 24 days on market.
The housing market is still booming, the perfect time to sell your home in order to capture top dollar with an experienced listing agent. However, it’s a highly competitive market for homebuyers. Luckily, securing a record-low mortgage rate on your next dream home makes it all worth it! In fact, this is the best time to downsize to a single-story home or upgrade to a home with a solar system or 4-car garage for your car collection because homeowners have more equity in their homes now than ever before. According to Coreglogic, homeowners gained over $2.9 trillion in equity in Q2 2021, and an average gain of $51,500 per household.
Flip through the full report below to learn more about how COVID-19 has affected your city’s prices and inventory:
San Bernardino Housing Market Trends For November
- Inventory: In October, there were 2,352 single-family homes for sale on the market in San Bernardino County. An improvement over the last year, inventory has steadily been rising and has climbed 62.8% year-over-year. While the increase in available inventory is a good sign for home buyers, the market is still tight and favors sellers.
- Buyer Demand: Thanks to record-low mortgage rates that have persisted over the past year, buyer demand is still very strong across Southern California. Homes are spending an average of just 24 days on market in San Bernardino and bidding wars are common. The absorption rate is a great way to help measure demand on the real estate market, calculated by comparing the number of homes sold in a certain timeframe to the total number of homes for sale. For the month of November, the absorption rate was 70%. For reference, anything over 20% is considered a seller’s market.
- Home values in San Bernardino, CA: With low supply and high demand, home prices have naturally been increasing, with home prices hitting record highs all year long across Southern California. Currently, the median housing price of existing single-family homes in San Bernardino County is up to $488,000. But don’t let list price give you too much sticker shock. With mortgage rates at historic lows, homes are historically more affordable than the past.
Are home prices dropping in Southern California?
According to predictions from the California Association of Realtors and Freddie Mac, no real estate prices aren’t going to be dropping over the next year. However, they have started to cool down as we head into winter. Freddie Mac forecasts home price growth of 16.9% in total for 2021 and home price growth of 7.0% next year.
CAR on the other hand forecasts a median price increase of 5.2% in 2022. The double-digit price growth that has characterized all of California this year is slowing down, but prices aren’t expected to take a hit. According to the latest market data from CAR month to month price growth in the Inland Empire was only 1% versus 18% year over year.
Obviously, we don’t have a crystal ball to predict the accuracy of the market perfectly and we can’t guarantee where prices are headed next, but with inventory remaining tight, the basic principles of supply and demand should keep prices moving upward. To learn more about our other Southern California markets check out our Los Angeles Market Update and our Orange County Market Update.
What is the richest city in San Bernardino County?
According to the latest MLS data from our San Bernardino County real estate market update, the richest city in the county is Chino Hills with an average sales price in November of $1,066,004. Created using data from the California Regional Multiple Listing Service (CRMLS), our local market reports not only provide a snapshot of the current state of the market, but a look at the year in review to uncover the trends in pricing, inventory, and activity.
Located on the southwestern border of San Bernardino County, Chino Hills is right next to Orange County. Running side-by-side with one of the best places to live in California, Yorba Linda, it’s no wonder this San Bernardino city is the richest with the highest local median listing price. Chino Hills ranked on Money magazine’s 2019 list of the “100 Best Places to Live”, and was named as one of the “100 Best Communities for Young People” in 2011 and 2012. Offering good schools, a diverse population, and tons of opportunities to enjoy the great outdoors, Chino Hills is a laid-back community close to the freeway and all of the best Southern California has to offer.
If Chino Hills is too far out of your buyer budget, check out our list of the most affordable places to buy in the Inland Empire, including several north San Bernardino county cities including Barstow and Needles.
What is the best area to live in San Bernardino?
Homebuyers interested in buying in the Inland Empire should check out the following neighborhoods in San Bernardino County, ranking as some of the most popular in the area. Unsurprisingly, Chino Hills also ranks as one of the best areas to live in San Bernadino.
- Loma Linda – According to niche.com, Loma Linda ranks as the #1 best place to live in San Bernardino County. A quiet neighborhood with quality schools and a median home value of $367,400, Loma Linda is known for it’s quality healthcare, hospitals, and higher education. Loma Linda University and Loma Linda University Medical Center draw a large population of young professionals to the area and U.S. News & World Report recently ranked Loma Linda University School of Public Health #60 in its annual ranking of top graduate schools.
- Redlands – Ranking as the #3 best place to raise a family in San Bernardino County, Redlands offers homeowners convenient amenities, new homes, large lots, and plenty of exciting things to do. You can catch a concert or the annual Redlands Shakespeare Festival in May at the Redlands Bowl, see live animals at the San Bernardino County Museum, or visit the Lincoln Memorial Shrine.
- Rancho Cucamonga – Ranked #4 best place to raise a family and best place to live in San Bernardino County, Rancho Cucamonga also ranked #6 best local suburb in 2021. The area’s low unemployment rate and wide selection of homes for sale attract homebuyers across Southern California. Sitting at the base of the majestic San Gabriel Mountains, the area offers a vibrant nightlife including breweries and wineries, as well as live music venues, restaurants, and shopping centers.
- Rialto – Located near Glen Helen Regional Park, Rialtois much more affordable than most cities in California, however, the overall cost of living is still almost 10% higher than the national average. Neighborhoods within North Rialto are the most popular residential areas in the city, especially for families. Though the area’s real estate is slightly higher in cost than in more southern parts of the city, this is mostly due to the larger floor plans and better upgrades.
If you’re interested in learning more about the best neighborhoods and property information from local experts, you’ve go to ask the appropriate professionals! As the #1 Independent Broker in Southern California, we have plenty of offices and affiliates across the area who can help including offices in Corona, High Desert – Hesperia, Spring Valley Lake, Rancho Cucamonga, and Yorba Linda.
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