The residential market in Tulare County has shown no signs of slowing down since the initial start of Covid-19. In fact, it appears as though the residential sector is booming! Was Covid-19 the push home buyers sitting on the sidelines needed? From first time home buyers to those in the market looking to upgrade to a larger home, all sectors of the residential market are looking positive. Could this also be the push millennial’s needed to purchase a home and get out of mom and dads house? Is the market frenzy interest rate driven? Is it the continuously rising rental rates or constant moving from one rental to another? These are just some things to think about in today’s real estate market. Here are some key points the data shows.
- Median Price Per Square Foot – All sectors of the residential real estate market are increasing in price. This is mostly due to very low interest rates; allowing buyers greater purchasing power.
- Months Supply of Homes for Sale – There appears to be a housing shortage in Tulare County. The housing supply across all sizes and most price points is dwindling. Housing priced between $149,000 and $294,999 having less then one month of housing supply!
- Showings Per Listing – The number of showings per listing has more than tripled in some cases, which is reflective of the market. Less homes are available with more buyers entering the market. Simply put, supply is not meeting demand, a market opposite of the “Great Recession” we experienced now over a decade ago.
For more information or other market data you’re interested in please feel free to shoot us an email. We will be updating this page on a quarterly basis with new information based on your feedback.
