2023 Ventura County Housing Market Trends and Forecast

January 06,2023 | Posted By Buddy Gordon in Real Estate
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Two key factors have defined the Ventura County housing market in 2022: rapidly rising mortgage rates and inflation. And in many ways, it’s put the local real estate market into a reset position. Overall, the Ventura County real estate market is highly stable, with high property values supported by an active job market and perks like a fantastic year-round climate, excellent schools, and exceptional parks and beaches. The state is desirable for newly married couples, growing families, retirees, and professionals of all ages.

As the Federal Reserve made moves this year to lower inflation, mortgage rates across the country more than doubled – an increase that’s never happened before in a calendar year. The sharp rise in mortgage rates had a cascading impact on supply and demand, buyer activity, and, ultimately, home prices. And as all those things changed, many home buyers and sellers in Ventura County halted their plans and opted to wait until the market felt a bit more predictable.

So, what does that mean for next year? Everyone wants a stable market for real estate in Ventura County. Should you consider Ventura County real estate investment? Many real estate investors wonder if a property in Ventura County in 2023 is a good investment. You need to dive deeper into local trends to know what the market holds for Ventura County real estate investors and buyers in 2023.

Here’s what our Ventura County real estate experts at Casey Gordon say we can expect in 2023.

Ventura County, CA Housing Market

Are you wondering how competitive the Ventura County housing market is? Here is the latest info on market conditions, price movement, and real estate trends.

The median price of real estate in Ventura County in November 2022 is around $796K. The real estate prices in Ventura County have increased by approximately 0.1% compared to 2021. We expect this consistent, albeit slight, growth to continue throughout 2023. It is also apparent that the median price per square foot in Ventura County will increase accordingly.

As of November 2022, the median price per square foot for Ventura County homes and apartments is $462. On average, Ventura County homes sell 50 days upon being listed compared to 37 days last year, and 421 homes sold in November 2022, down from 823 last year.

Ventura County, CA Real Estate Overview

  • Median List Price $796,000
  • Median List /sq.Ft. $462 /sqft
  • Median Rent per Month is $2,751
  • There are 1033 homes for sale in Ventura County, CA

Where Does Ventura County, CA, Currently Stand as of December 2022?

Based on November 2022’s data, Ventura County is a seller’s housing market, meaning more people are looking to buy than homes are available for sale. In a seller’s real estate market, prices tend to be higher, and homes sell faster.

The Ventura County housing market is somewhat competitive. Average homes in Ventura County sell for about 1% below the list price and go pending in around 42 days, while hot homes can sell for around the list price and go pending in about 25 days.

Successfully investing in real estate — whether in Ventura County or anywhere else across the globe — is all about correct timing. Knowing when to get into the real estate market can often prove to be a bit of a challenge. Should you invest in Ventura County real estate? Is Ventura County a good place for real estate investment? Many California real estate investors have asked themselves if purchasing a property in Ventura County is a good idea. You need to drill deeper into the Ventura County housing market trends for 2023 to know what the local market holds for real estate buyers and investors in 2023.

What are the Ventura County real estate market trends for 2023? With steady job growth, considerable gains in home equity, and an increasing population of millennials now in their peak homebuying years, we can expect the demand to stay strong. Still, sales will likely decrease from historic highs while price appreciation stabilizes to more modest levels.

» Steady Increase in Home Value

Ventura County home prices could rise but at a slower rate. According to our analysts at Casey Gordon, home prices in Ventura County are unlikely to drop, but the rate of increase will moderate.

In simpler terms, prices will continue to rise slower than in the preceding two years. According to our Ventura County real estate experts, there is still a housing shortage and a large number of individuals who can afford and want to purchase a home.

» Rising Interest Rates

For homebuyers, interest rates are one of the most important things to consider. High-interest rates can completely change the value of a property, so any changes can be drastic. Since inflation has become a significant threat, the FED has announced that interest rates will rise in 2023. However, it is still too soon to determine how much these rates will increase. But, we can safely assume that they will increase by more than last year.

» Lower Housing Inventory

Another prediction for the Ventura County housing market is that there will be a minimal housing inventory, which means there will not be as many houses for sale. This is a massive problem as it will only increase home prices. The reason for this is simply due to supply and demand. As supply decreases, demand increases, resulting in higher prices.

Future Predictions of the Ventura County Housing Market

Based on our forecasts, we can expect a long-term increase in home prices in Ventura County. We predict an average home in the Ventura area will cost $726K by December 2027. You can expect a profit of around +11.03% for a 5-year investment. Investing $100K today may yield a profit of $111K by 2027. Based on our research, we predict the sales prices to increase by as much as 21% over the next ten years.

So, is 2023 a good year to buy a house in Ventura County? Yes. If you find a place you love among the Ventura County homes for sale, go for it! It is all about the interest rates. Please get “pre-approval under-written” for a loan, as it works to your benefit in a multiple-offer situation. Ventura County can be a profitable property investment option if you are a fix-and-flip investor looking for homes for sale with good flipping potential.

Get in Touch with Ventura County Real Estate Expert Casey Gordon

» Need a New Home? Work with Casey Gordon, Ventura County’s Top Real Estate Agent

Looking for a new home or investment property can be tricky. Even if you know what you want, you may need to wait long before you come across the perfect option for your precise needs and budget.

If you don’t have connections in the housing market or know the area well, you might not know how best to work in that market. If you’re looking for a house or property in Ventura County, contact Casey Gordon. As a Ventura County realtor who can help you buy a home or sell your home, Casey is a fantastic choice for first-time home buyers.

At Casey Gordon Real Estate, your satisfaction is our top priority, and my team and I work as hard as we can to ensure you have a great experience. We care deeply about our clients and believe in doing things correctly. Let us show you why we are the best team of realtors in Ventura County!

Do you have any questions about the Ventura County housing market? Call Casey Gordon at (805) 750-9804 or contact us online!

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