Coldwell Banker Best Realty Clint Freeman– According to the California Association of Realtors, the rural areas of California are where the state’s most affordable homes can be found. These areas include Siskiyou, Tehama, and Lassen counties. In comparison, homes in Ridgecrest are continually rated as the most affordable in California when considering the community and amenities that surround them. At present, Ridgecrest’s median home price sits at $300,000 while Lassen county’s median price levels out at $260,000.
Over the past six months in Ridgecrest, 226 site-built homes have sold at an average price of $306,107. Despite home prices jumping in value by leaps over the past two years, in retrospect, homes in Ridgecrest are still very affordable when compared to what is happening statewide and nationally in some areas of the country.
At present, the least expensive site-built home on the market in Ridgecrest is priced at $150,000, and the most expensive at $530,000. There are presently 12 homes priced above $400,000 that are pending closing in escrow. Six of these homes are new construction in various stages of completion.
Buyers seem to be returning to the local market now that the summer heat has subsided. Buyers, keep in mind that despite interest rates moving to 6%, this is historically still a great rate. Consider this about the rising interest rates from a wider vantage point for a moment: rates over the past 50 years have moved as high as 16% in 1982, while we saw rates slide below 3% just a few years ago. Within that 50-year timespan, the average interest rate sits at 7.77%. Therefore, purchasing a home at a 6% rate is not all that terrible.
The gold that’s available in Ridgecrest is now getting more notice from the outside world. There are more buyers coming from out of town seeking to settle here. Surprisingly, some are not directly connected to employment with the naval base. Some are working remotely. They have an affordable home price in mind. Others are taking advantage of the space, lack of congestion, clean air, and the many outdoor activities nearby. Buyers from LA, San Diego, and even North Carolina are finding that Ridgecrest is a great place to be. Some seniors are even moving here to retire.
RIDGECREST FAST FACTS
To date, there are 90 homes on the market ranging from $150,000 to $530,000.
Past three months’ price per square foot average of sold single-family homes: College Heights $201; NW $170: NE $168; SE $164; SW $181; RC Heights $177.
CALIFORNIA FAST FACTS
California median home price: $833,910; Lowest median home price: Lassen $300,000,
Ridgecrest $300,000; Highest median home price by region: San Mateo: $1,965,000 (Source California Association of Realtors)