Housing Watch: Fresno ranks 16th on list of hottest real estate markets

FRESNO, Calif. (KFSN) -- Despite the challenges we continue to see in the real estate industry, the Valley is still regarded as a hot market.

The median price of a home in Fresno County right now is about $400,000.

The City of Fresno ranks as the nation's 16th hottest real estate market, one spot higher than Seattle, according to a new survey from Construction Coverage.

"Oh yeah, I'm actually surprised we're not higher because we have such affordable prices," said Don Scordino, a realtor with Reality Concepts of Fresno.

The report considered several factors, including the number of homes that sold over the asking price in 2023, which was 43%.

Plus, how many days a home stayed on the market, 20 days on average.

It also considered price drops, with 25% of listings having to lower the price.

"Somebody might say, $400,000, that's not affordable, but when you compare it to the rest of California, almost every other area is $800,000 and above," explained Scordino.

Scordino doesn't expect to see a drop in housing values this year because inventory remains on the lower side.

Interest rates have been slow to drop, but he says now could be the right time to buy if it fits into your personal plan.

"If your family needs to move to a different location or to a bigger or smaller place, do it for that reason, not because of the market. It's too hard to judge the market," said Scordino.

San Jose, Oakland and San Diego ranked 1, 2, and 3 on the list of hottest US markets.

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