Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Reedley | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $343,761 | $642,203 | $242,182 |
| Price Trend (Annual %) | 18.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,198 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Reedley is about 46% lower than in California. Rent is about 39% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Reedley, up about 18.3% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Reedley rose about 37.9% between 2015 and 2023, from $869 to $1,198. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Reedley.
Buying the median-priced home in Reedley costs roughly 23.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Reedley. The price-to-rent ratio in California is about 27.4.
| Metric | Reedley | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $343,761 | $642,203 | $242,182 |
| Median Household Income | $62,486 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Reedley rose about 177.9%, while median household income rose about 48.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Reedley | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.8% | 51.6% | 58.2% |
| Rental Rate | 45.5% | 40.9% | 31.3% |
| Vacancy Rate | 3.7% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Reedley has a homeownership rate of 50.8%, lower than the California average of 51.6%. Its housing vacancy rate is 3.7%, compared with 7.6% in California.
Housing Stock
| Metric | Reedley | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.51 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1979 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.0 | 5.5 |
The typical housing unit in Reedley was built around 1979. On average, 3.5 people live in a home with about 5.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Reedley, California.
What is the median home price in Reedley, California?
The median home price in Reedley, California is $343,761, lower than the California average of $642,203.
What is the average home price in Reedley, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Reedley, California?
The median gross rent in Reedley, California is $1,198 per month, lower than the California average of $1,955.
What was the median gross rent in Reedley in 2020?
In 2020, the median gross rent in Reedley, California was $982 per month.
What is the price-to-rent ratio in Reedley, California?
The price-to-rent ratio in Reedley, California is about 23.9, meaning it would take roughly 23.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Reedley.
Are home prices or rent rising faster in Reedley, California?
Both home prices and rent are rising in Reedley, up about 18.3% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Reedley, California?
50.8% of households in Reedley, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Reedley, California?
The housing vacancy rate in Reedley, California is 3.7%, lower than the California average of 7.6%.