The California real estate market has seen its share of ups and downs. After the 2008 crash, things have moved forward in a steady manner and investors have started to take interest in real estate again. Because of the increase in demand, the property prices have picked up and things are looking great on the whole.
An important place to look out for in the state of California is the Modesto City real estate market. The city has seen a rise in new homes being built which is a sign of things moving in the right direction—which is up.
If you have been planning to sell your home and head to California, then this is the market you need to invest in.
Some Important Facts About the Modesto Real Estate Market
The market started picking up in the year of 2017 when construction companies took out 217 permits to build new homes. In the last 4 years, the average home price has risen by 50%. Here are some stats that tell us the current status quo.
- 4 bedroom houses saw a 10.8% increase in prices.
- The median rent regained its former placed and has once again plateaued at an all-time high of $1600.
- The median home in Modesto is $285,000.
- There are around 100 schools in the city for its 200,000 plus residents. This tells us how good educational coverage is.
- 28% of the residents are single indicating the future demand of single-family homes.
All the above-mentioned stats confirm that good times lie ahead for homeowners and investors. However, due diligence is required to make sure you land the right deal. Having someone experienced by your side will help you make the right decisions and guide you through the process.