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published on December 21, 2021 - 11:15 AM
Written by The Business Journal Staff

A real estate website ranked growth in Fresno’s housing market at No. 26 in the nation — and that growth is only expected to continue.

With a median sale price of $310,000 in 2021, the Fresno area experienced a 10.52% year-over-year growth from 2020, putting it only two spots behind San Jose, which registered 11.01% growth, according to the RealtyHop analysis of the 50 largest US cities.

The top city in the nation was Austin with 27.68% year-over-year growth, reporting a median sales price of $535,000.

Including San Jose, only three other cities in California ranked higher than Fresno: San Diego at No. 13 with a $829,000 median sale price — 18.43% growth; and Long Beach at No. 19 with a $699,000 sale price — 15.54% growth.

Nationwide, homes sold for 14% more on average in 2021 than they did in 2020. RealtyHop expects that rate to reach 6.3% in 2022.

Bay Area home values actually decreased with many anecdotally attributing that to remote working from home. San Francisco home values decreased 0.31% to $1.3 million. Oakland home values decreased 2.52% to $775,000. Philadelphia bottomed out the list of the top 50 with -2.77% growth, with median home prices at $252,700.

However, real estate agents predict a slight cooling in the market as the Federal Reserve announced it would raise interest rates three times in 2022 in response to faster-than-expected inflation.

Analysts at RealtyHop expect the 30-year fixed mortgage rate to reach 3.7% by the end of 2022.

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