SAN FRANCISCO, CA / MARCH 22, 2022 / The year 2021 saw a significant boom in real estate across the state and many parts of the country. The COVID-19 pandemic continued to keep people indoors, and many realized they’d be happier with more space, superior amenities, or a home in a less populated area. Jamell Tousant is a northern California realtor with decades of experience in the region. He recently discussed his predictions for northern California real estate in 2022.
“My partners and I believe the real estate market throughout the region will remain steady,” Tousant said. “That major boom appears to be mellowing, but prices are staying high, and sellers can expect profits.”
Economy on the Rise
Northern California and the entire state struggled with high unemployment rates in recent years. However, the state’s unemployment rate dropped in 2021, from 12.3 percent to 7.5 percent. The job market is improving, and a healthy economy signals superior real estate.
Demand for California real estate remains high, which keeps home prices elevated. The average cost of a home in the state is $722,406. Real estate agents expect to stay busy in 2022; however, buyers will continue to find it difficult to locate affordable homes due to low inventory. Realtors throughout northern California will need to be prepared to help buyers battle high prices and help sellers navigate numerous offers.
A Seller’s Market
Jamell Tousant explained that northern California real estate is a seller’s market in 2022, and will likely continue to be in the years to come. Inventory fell about 18.5 percent throughout 2021, pushing home values and rent prices higher. The available housing inventory in the northern California region is 45,705. That’s a small number compared to the amount of Californians and others looking for homes. All this information explains why northern California real estate is a seller’s market and will remain so throughout 2022, and beyond.
Affordable Northern California
Tousant added that northern Californians can expect Oakland, East Bay, and Alameda to remain desirable areas of the state in which to live. California is home to some of the state’s most expensive cities, but its smaller cities and towns are among its most affordable. Tousant suggested cities like Clear Lake and Crescent City, with median home prices less than $300,000. It’s not impossible to find affordable northern California real estate. Buyers only need a qualified realtor to help.
Jamell Tousant and California Real Estate
Tousant brings decades of experience in northern California realty to buyers and sellers throughout the region. He is eager to help Californians and newcomers from other states familiarize themselves with the area and the available real estate opportunities.