The dynamic real estate market in Fresno offers something that many cities throughout the country can’t: stability and continuous appreciation. In fact, Fresno’s appreciation rate of 96 percent is one of the highest in the country.
With an estimated 457,719 people currently residing in the area, Fresno continues to experience steady growth in its residential communities. The population is expected to double by the year 2020, which equals approximately 30,000 new residents per year.
One of the standout features of this area is the diverse housing options — from architecturally significant structures, stately mansions and gated communities to contemporary dwellings on large lots with mature trees. Multi-unit complexes and brand new custom-built homes with magnificent lake views are also part of the mix.
The rich history of Fresno is evidenced in its century-old homes that exude a French colonial flavor, classic Spanish Revival style or the elegance of English Tudor. Traditional designs feature native Californian bungalows, charming Italian Villa styles and comfortable ranches. Neighborhoods with meticulously manicured lawns, gardens in bloom with colors accentuated by the sun, and tree-lined streets all add to the allure of living in Fresno.
Fresno remains one of the least expensive markets for single family homes in California. As of mid 2005, the median price of an existing home was $260,000, up from $100,000 in 1990. The state of California reports a current median price of $485,000.
Available land to build on is scarce and consequently in high demand. Two years ago land prices were in the $100,000 per acre range; currently, land is approximately $300,000 per acre.
As home values continue to appreciate in this area, real estate remains a solid and safe investment. So whether a buyer is looking for a larger home to accommodate a growing family, upgrading to a layout that is ideal for entertaining or downsizing after retirement, Fresno offers it all.