Home prices in California and across the nation are, for the most part, on the rise. However, there are a few metro areas in California where home prices are dropping. With Northern California metro areas leading the pack as the biggest losers in California’s housing market right now, this has raised concerns about a possible correction in home prices in California. We conducted an analysis of all the major metro areas in California and compared home prices from April 2022 to March 2023 with those from April 2023 to March 2024. Based on this comparison, we have compiled a list of California metro areas where home prices have gone down.
Biggest Losers in California’s Housing Market
The California housing market has not been kind to some homeowners lately, with Ukiah, Clearlake, Napa, and Santa Cruz experiencing a drop in home prices. Although the percentage drop may appear minor in single digits, it is not a good sign for homeowners when home prices are rising nationally and throughout California.
Ukiah was hit the hardest, with a 5.48% decrease in home prices over the course of a year. Clearlake homeowners also experienced a 3.62% drop in home prices in one year.
Santa Cruz homeowners experienced the largest absolute dollar drop in home prices, losing $34,042 in equity in just one year. This downward trend is concerning for these Northern California homeowners.
1. Ukiah, CA metro area
- Median Home Price (April 2022 to March 2023): $546,377
- Median Home Price (April 2023 to March 2024): $518,000
- Percentage Change: -5.48%
- Net Loss: -$28,377
Ukiah metro area homeowners are the biggest losers in California’s housing market right now. The median home price declined from $546,377 in April 2022 to March 2023 to $518,000 in April 2023 to March 2024, which is a decrease of 5.48%. This resulted in a loss of $28,377 in equity over the course of a year.
2. Clearlake, CA metro area
- Median Home Price (April 2022 to March 2023): $332,417
- Median Home Price (April 2023 to March 2024): $320,792
- Percentage Change: -3.62%
- Net Loss: -$11,625
Clearlake is the second biggest loser in California’s housing market right now, with home prices declining 3.62%. The median home price declined from $332,417 to $320,792, resulting in an equity loss of $11,625 over a year-long period.
3. Napa, CA metro area
- Median Home Price (April 2022 to March 2023): $908,333
- Median Home Price (April 2023 to March 2024): $881,478
- Percentage Change: -3.05%
- Net Loss: -$26,855
The Napa, CA metro area came in next with a decrease in median home prices from $908,333 to $881,478, translating to a percentage change of -3.05%. Napa homeowners experienced a loss of $26,855 in equity.
4. Santa Cruz, CA metro area
- Median Home Price (April 2022 to March 2023): $1,153,458
- Median Home Price (April 2023 to March 2024): $1,119,417
- Percentage Change: -3.04%
- Net Loss: -$34,042
Of all the California metro areas on this list, Santa Cruz homeowners saw the biggest net loss in absolute dollars. The median home price in the Santa Cruz metro area declined from $1,153,458 to $1,119,417, representing a 3.04% decrease. Santa Cruz homeowners experienced a substantial net loss of $34,042 in home equity.
5. Chico, CA metro area
- Median Home Price (April 2022 to March 2023): $416,896
- Median Home Price (April 2023 to March 2024): $404,859
- Percentage Change: -2.97%
- Net Loss: -$12,037
The Chico metro area saw a 2.97% decline in median home prices from $416,896 to $404,859, resulting in an equity loss of $12,037 for homeowners in a year.
6. Susanville, CA metro area
- Median Home Price (April 2022 to March 2023): $236,063
- Median Home Price (April 2023 to March 2024): $229,742
- Percentage Change: -2.75%
- Net Loss: -$6,321
In the Susanville metro area, the median home price decreased from $236,063 to $229,742, a 2.75% drop.
7. Eureka, CA metro area
- Median Home Price (April 2022 to March 2023): $444,771
- Median Home Price (April 2023 to March 2024): $433,083
- Percentage Change: -2.70%
- Net Loss: -$11,688
Eureka metro area homeowners saw a decline in median home prices from $444,771 to $433,083, which is an equity loss of $11,688 over the course of the year.
8. Oakland, CA metro area
- Median Home Price (April 2022 to March 2023): $926,896
- Median Home Price (April 2023 to March 2024): $915,021
- Percentage Change: -1.30%
- Net Loss: -$11,875
Homeowners in the Oakland metro area experienced a median home price drop of $926,896 to $915,021, which is an equity loss of $11,875 in one year.
9. Vallejo, CA metro area
- Median Home Price (April 2022 to March 2023): $580,896
- Median Home Price (April 2023 to March 2024): $575,059
- Percentage Change: -1.02%
- Net Loss: -$5,837
The Vallejo metro area homeowners experienced a slight decrease in median home prices from $580,896 to $575,059.
10. San Rafael, CA metro area
- Median Home Price (April 2022 to March 2023): $1,463,958
- Median Home Price (April 2023 to March 2024): $1,451,417
- Percentage Change: -0.86%
- Net Loss: -$12,542
In the San Rafael metro area, the median home price decreased from $1,463,958 to $1,451,417, which is an equity loss of $12,542 in one year.
11. San Francisco, CA metro area
- Median Home Price (April 2022 to March 2023): $1,463,833
- Median Home Price (April 2023 to March 2024): $1,455,167
- Percentage Change: -0.60%
- Net Loss: -$8,667
The San Francisco metro area saw a slight decrease in median home prices from $1,463,833 to $1,455,167. Although it seems like a negligible drop of 0.6%, real estate experts are keeping an eye on San Francisco’s housing market because even a slight drop is not good news because it’s going against the general upward trend in home prices.
12. Stockton, CA metro area
- Median Home Price (April 2022 to March 2023): $528,397
- Median Home Price (April 2023 to March 2024): $526,694
- Percentage Change: -0.32%
- Net Loss: -$1,703
In the Stockton metro area, the median home price decreased slightly from $528,397 to $526,694, an almost negligible 0.32% drop.
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