Top Real Estate Agents in California

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2023 California Housing Market Summary

California started 2023 with a total of 31,717 single-family homes on the market, with a median home price of $690,000 and an average price per square foot of $526. By the end of the year, inventory had decreased to 28,158 homes on the market (-11%), with a median home price of $730,000 (+5%) and an average price per square foot of $585 (+11%).

At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had decreased to 70 days.

California started the year with 34% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 29% of California homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that California started 2023 as a strong seller’s market, with an MAI score of 47; by the end of the year, the MAI had dropped to 43 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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