Residential Real Estate Market

Home Prices Continue Their Steady Rise

Given San Bernardino County’s location and relative housing affordability in Southern California, it has become a substantial supplier of jobs in construction and housing-related industries. As a result, the county’s economy is acutely sensitive to changes in the housing market. Trends in home sale prices, housing availability, and the number of housing permits granted signify the health of the county’s housing market and the local economy, as well as consumer confidence.

How is San Bernardino County Doing?

TREND

The median sale price of existing single-family homes increased 12% from $290,000 in January 2019 to $325,000 in January 2020. During the ten-year period between January 2011 to January 2020, the median sale price of homes increased 135% in San Bernardino County, compared to a 106% increase in California.

MEDIAN HOME SALE PRICES CONTINUE TO RISE

Median Sale Price of Existing Detached Homes in San Bernardino County and California, January 2013 – January 2022

Source: California Association of Realtors (www.car.org)

In the one-year period between 2018 and 2019, there was a 7% increase in the number of homes sold, from 28,377 to 30,268 homes sold. The 10-year figure is up 5%, from 28,750 homes sold in 2010. Homes sold include new and existing single family residences.

MORE HOMES SOLD IN 2019 COMPARED TO 10 YEARS AGO

Number of Homes Sold in San Bernardino County, 2012-2021

Source: Dataquick & Dataquick Division of CoreLogic

The number of housing permits granted increase slightly (0.5%) between 2018 and 2019, from 5,577 to 5,607 housing units granted. This translates to 2.6 permits granted per 1,000 residents in San Bernardino County in 2019, unchanged from 2018, and lower than the California rate (2.8). However, since 2010, the number of permits granted increased almost three-fold, up from 0.9 per 1,000 permits granted in 2010.

RATE OF HOUSING PERMITS GRANTED ALSO ON THE RISE

Housing Permits Granted per 1,000 Residents in San Bernardino County and California, 2012-2021