Is Redding a Good Place To Invest In Real Estate?
This ARTICLE Is About Buying A Home In Redding California And Its Benefits
Buying A Home In Redding, California offers many benefits for those who like a dense suburban atmosphere. Unlike other congested cities in California, Redding is a small town with a population of 91,327. The town is in Shasta, County. Most residents of Redding own their own homes. The public school system is rated as above average compared to other school districts with a similar population. The population consists of families, the blue-collar working class, and professionals.
The beauty of its atmosphere and the abundance of coffee shops and the many parks are attracting retirees to call Redding, California home. In this article, we will discuss and cover Buying A Home In Redding California, and why this small town of 91,327 is very special.
Buying A Home In Redding California: The Perfect Cozy Home Town
Why Redding? Let me count the ways… It is Beautiful! We are within minutes to lakes, within hours to the coast, Big Town casinos, and the Bay area. Nature is in your own backyard. It runs along the Sacramento River. It’s about 2 hours from Oregon. This town has a lot of history. Back in the Gold Rush days, the town was named Reading in order to honor Mr. Reading in 1843. It was changed back to Redding in 1880. The town transitions into the Cascade foothills. We are surrounded by mountains to the North, East, and West. We have a hot summer Mediterranean climate and cool wet winters. The people are working class.
You’ll discover recent immigrants and families who have lived here for decades. Look at the old downtown, boutiques, shops, and restaurants. We have old houses and new houses. The older homes give the feel of a much slower and simpler life.
Housing Market In Redding California
There is not a day that passes by without a story about the mass exodus of Californians fleeing the state due to high home values, high property taxes, and the high cost of living.
More and more Californians cannot afford housing in major metropolitan areas of the state. It is true that thousands of Californians are fleeing the state to other states like Texas, Arizona, Nevada where home prices. are a fraction of what is going for in metropolitan and surrounding areas of the state. Despite the mass exodus of thousands of Californians to other low-taxed states, the housing prices in the state keep on. increasing. For example, home sales have significantly dropped in the past several months in Los Angeles and surrounding areas due to the coronavirus outbreak and the state being shut down.
However, home prices still remained high with no signs of any correction. Then when the state started to partially reopen in June, housing sales jumped almost 12% to a median price of $575,000. Los Angeles as its surrounding counties saw increasing trends in home sales despite the high unemployment and sluggish economy due to the coronavirus pandemic.
Home Prices Of California Metro Areas
It is no secret that the average home price in California is double the national median home prices.
In August 2020, the six-county region’s median price reached $640,000 in August 2020, up 12.9% from a year earlier. In Los Angeles County, existing single-family home sales dropped by 3.9% from July and fell by 5.2% from August 2019. The median price rose by 7.9% from a year earlier to $677,260. Orange County sales the biggest jump in sales (13.7%) from a year earlier. The median price rose by 14.8% from a year earlier to $930,000. The Metropolitan Los Angeles housing market posted a year-over-year increase of 4.4% in sales. Compared to July, sales decreased by 1.7%. The median home price of the Los Angeles Metropolitan region rose to $615,000, up 12.8% from last year. Compared to July, the median price increased by 4.2%. The sales figures are still lagging if we compare them to last year. The rise in home prices and sales have shifted the market conditions to a balanced one. The inventory still remains tight. The Unsold Inventory in Los Angeles Metro Area is 2.3 months.
Despite the state of the national economy due to the coronavirus outbreak, the housing market in all metropolitan areas of the state remains strong. There is still more demand for housing than inventory in all metropolitan areas throughout the state.
Buying A Home In Redding California Versus Metropolitan Areas In The State
Buying A Home In Redding California is hands down a great investment if you are looking for a smaller town in California where the people are friendly, the home prices are well below the median home prices in the state, and the scenery is beautiful.
The current median home value is $281,700.00. The housing market in Redding is currently in a Sellers Market. This means that there are a lot of qualified buyers and not enough homes for sale in the market. The prices have risen 5% over the last year and should continue to rise by about the same. The median rent price is $1,515.00. Houses on average stay on the market 43 days which is well below the average market time in metropolitan and surrounding areas. Due to higher than normal demand for housing, the average market time being on the market is a little less right this moment. The delinquent mortgages in Redding are at .7% which is lower than the national average of 1.1%. Redding, California is a safe haven many people do not realize exists.
There are many reasons why Redding is a perfect place to live. Want more reasons? Call the team at Capital Lending Network, Inc. at 1-800-900-8569 or email us at firstname.lastname@example.org. We would love to help you find your next perfect home!