Local Trends
The Clovis housing market remains uniquely robust despite a slight decrease in home prices near the tail end of 2022. Home prices rebounded at the start of 2023 before leveling off over the last six months. Currently the median home sales price was up 4.6% year-over-year in July. (1)
Homeownership demand remains high in Clovis, especially in highly sought-after neighborhoods including Harlan Ranch and most of the 93619 areas. A combination of the optimal weather, mid-size town charm, and family-friendly atmosphere are driving more people to this culturally rich area.
Local market conditions have become more balanced in 2023. Nevertheless, nearly half of home sales through June sold for over their listing price, indicating the market still favors sellers.
The average median home price for Clovis sits around $485-515,000, with listings quickly turning within 11-30 days on market.(1,2) These trends are even more positive if you highlight just the 93619 Clovis zip code.
In addition, the trends for the city of Clovis are slightly above those reported from Fresno, Tulare, Kings, and Madera Counties in July 2023, meaning the Clovis market remains particularly strong.(3)
National Comparison
Compared to other areas of the country, Clovis is a much more competitive market. Homeownership rates are relatively in line with the national average, but a high interest rate environment and rising levels of consumer debt is hindering housing for new Gen X and Millennial buyers, who, according to Bankrate.com, represent more than 43% of all homebuyers combined.(6)
The median price for an existing home in Clovis was higher than the national average in June by an estimated $70-100,000. Cost of living in Clovis, while lower than most of the state of California, also ranks above the national trend.4 Higher area costs can shrink the pool of prospective buyers; however, in Clovis, we’re still seeing multiple offers on homes that are positioned correctly on the market.
Additionally, buyers get what they pay for and they want what Clovis provides. Local amenities more than make up for the slightly elevated price points. In the Spring, Clovis is infused with spirit as rodeo season kicks off, alongside its numerous festivals and downtown activities. Not to mention, the area is generally known for its natural beauty and and Old West-style flair that is absolutely incomparable to other parts of the United States.
It is clear that Clovis is a popular destination for buyers, considering homes remain on the market for far less time compared to the (national average of 40 days).
According to Freddie Mac, the average benchmark 30-year mortgage is still around 7%, up from 5.89 in the prior year.(5) Remember, even though interest rates are causing some buyers to sit on the sidelines, there are still plenty of people who want to purchase their dream home in Clovis.
If you decide to sell within the next 12 months, you will see a great amount of appreciation.
Sources
1 https://www.realtor.com/realestateandhomes-search/Clovis_CA/overview
2 https://www.neighborhoodscout.com/ca/clovis/real-estate
3 https://www.car.org/en/marketdata/data/countysalesactivity
4 https://www.bestplaces.net/cost_of_living/city/california/clovis
5 https://apnews.com/article/mortgage-rates-interest-housing-real-estate
6 https://www.bankrate.com/mortgage/millennials-and-homebuying/
