How is the Corona Real Estate Market? by Jenny Gonzalez.

By Jenny Gonzalez

The Corona housing market will remain highly competitive for most of this year. It will continue to be primarily a seller’s market, with price appreciation in the double digits. However, the high demand for housing will not be met by the limited supply.

Homes have received multiple offers, with most experiencing bidding wars and people eager to own homes willing to pay well above the list price. Here’s what you should know if you’re thinking about buying a home in Corona.

PRICES

The home median list price in Corona, California, is currently $797 000. It represents an increase of over 25,000 from the last week of December. The average per square foot is currently at $317 per sq. ft. The average median list price hasn’t changed much from last month but remains very high.

Twenty-five percent of the listings in the MLS and Corona had price decreases in the second week of January. The price decrease is a result of sellers overpricing their homes.

DAYS ON THE MARKET

Into 2022 and the Corona housing market is still very competitive. Compared to a couple of weeks ago, the days on the market for Corona homes went up from zero to seven days. The current median days on the market have risen from 18 days to 45 days.

INVENTORY

If you thought it impossible for the Corona inventory to drop further, then you are in for a rude awakening this 2022. Inventory is super tight and is down to 170 units of single-family units for sale.

MEDIAN RENT

Compared to other cities, the median rent in Corona is very high. The current median rent in Corona is $3100. For that price, we recommend homeownership because you can get a house payment. While the rates are still considerably low, we recommend that you consider getting into homeownership, as it is expected for these rates to trend up.

This is also the time to sell because you need to take the equity on your home and put it into another house. The rates you had for the previous home will remain constant, but if you wait for the rates to go up, you may get more for your home, but you will be paying more for your home than the rate you purchased. Although supply constraints may ease later this year with new constructions continuing to materialize, COVID will continue to pose a threat to public health in the short term.