Probably because of its desirability, weather, great cities, and great reputation, California’s home values are rising higher than other states’. This may not be too big a surprise to many of you who have owned property in the South Bay and seen your property values rise at a faster rate over the years than elsewhere, but to you new property owners or would-be property owners, this may be a revelation.
This past spring 2014, home values all across the United States rose, but in the western states and in California in particular, home values rose more than 1% per month.
For 2014 in its entirety, California homes will have at least a 6 to 8% increase, while the South Bay may have a home value increase of up to a 10 to 15%, many real estate professionals predict, at least for the next three to four years. For an immediate understanding of how the local real estate market works in terms of home values, let’s take a look at Hermosa Beach’s recent home values in the past several months:
As you can see, it’s a great time to be investing in South Bay property.