In 1965, the Mamas and the Papas had a huge hit with the song California Dreamin’.
“I’d be safe and warm if I was in LA, California Dreamin’ on such a winter’s day.”
The song was written 2 years earlier by John Phillips, who was living in New York City and enduring a particularly cold winter. The song became a symbol of a lifestyle that identified California. Millions of young people from the East Coast and Mid-West flocked to California as a result. I was one of them.
Guess what the average home price was in 1965?
$20,000 !
These thoughts filled my mind as I read a recent study on the California Housing Market and 2023 predictions:
- San Francisco Bay area median price is $1,000,000.
- Southern California median price is $738, 250.
- Central Coast median price is $894, 500.
- Central Valley median price is $425, 000.
- The Far North median price is $367, 000.
The study suggests that after a cold winter, the spring homebuying season will see some “thawing” and gradual price improvement.
For new – and old – homebuyers, let’s hope so.
Read the full report at noradarealestate.com, California Housing Market, Prices, Trends and Forecast 2023.