Where are Southern California’s cheapest houses for sale?
So where might a Southern Californian look to buy a “cheap” house?
My trusty spreadsheet reviewed supply stats on single-family homes for sale in September from the California Association of Realtors. The group tracked 128 neighborhoods in Los Angeles, Orange, Riverside and San Bernardino counties.
Ponder the breadth of this region’s housing, where median listing prices run from $394,450 all the way up to $9.5 million. And assuming a 7.8% mortgage rate and 20% down, buyers at those prices would have monthly payments ranging from $2,840 to $68,400. Yes, that’s sixty-eight thou.
But let’s focus on the 25 lowest-priced neighborhoods where medians run up to $594,900. At that price, a buyer gets a $3,950 house payment.
These spots of relative affordability are inland communities – many in the desert or the mountains. They’re primarily far from the big coastal jobs hubs. So unless a house hunter can work from home, or doesn’t mind a long commute, finding homebuying-level wages nearby could be a challenge.
And house hunters can look at just 1,843 total listings in those communities – a supply that’s off 33% in a year. Elsewhere in Southern California, there were 10,231 residences for sale – an inventory down 28% in a year.
Note that shrinking inventory is an issue across the entire state at all price points: 32,116 houses for sale – off 24% in a year.
Locally speaking
Green Valley Lake had the cheapest listings in September, by this math.
The community in the San Bernardino Mountains – roughly halfway between Lake Arrowhead and Big Bear Lake – had a $394,450 median asking price for the 32 residences listed for sale. Supply is up 220% in a year.
The other 24 …
Adelanto: $399,999 ask with 47 for sale – off 15% in a year.
Helendale: $417,500 ask with 62 for sale – off 23% in a year.
Running Springs: $434,500 ask with 60 for sale – up 40% in a year.
Banning: $435,000 ask with 41 for sale – off 61% in a year.
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Apple Valley: $442,000 ask with 155 for sale – off 44% in a year.
Yucca Valley: $449,900 ask with 115 for sale – off 14% in a year.
Victorville: $450,000 ask with 195 for sale – off 42% in a year.
Hemet: $450,000 ask with 197 for sale – off 9% in a year.
Twin Peaks: $477,000 ask with 11 for sale – up 38% in a year.
San Jacinto: $484,990 ask with 51 for sale – off 47% in a year.
Pinon Hills: $484,999 ask with 16 for sale – off 39% in a year.
Hesperia: $489,999 ask with 119 for sale – off 44% in a year.
Wrightwood: $492,450 ask with 24 for sale – off 29% in a year.
Desert Hot Springs: $495,000 ask with 111 for sale – off 21% in a year.
San Bernardino: $510,000 ask with 135 for sale – off 42% in a year.
Colton: $525,000 ask with 23 for sale – off 45% in a year.
Phelan: $527,450 ask with 34 for sale – off 42% in a year.
Joshua Tree: $530,000 ask with 83 for sale – off 20% in a year.
Beaumont: $548,365 ask with 115 for sale – off 23% in a year.
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Coachella: $549,490 ask with 23 for sale – off 30% in a year.
Highland: $570,000 ask with 42 for sale – off 47% in a year.
Perris: $587,126 ask with 55 for sale – off 17% in a year.
Rialto: $593,522 ask with 36 for sale – off 43% in a year.
Lake Elsinore: $594,900 ask with 61 for sale – off 56% in a year.
Bigger picture
Ponder this of measure of affordability at the county level – the share of houses for sale seeking less than $500,0000 in September …
San Bernardino: 1,218 listings or 47% of all inventory.
Riverside: 590 listings, or 20%.
Los Angeles: 281 listings, or 6%.
Orange: 5 listings. Yes, five. Or 0.3%.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com