California Real Estate Insights for 2023: A Flood of Market Changes

California Real Estate Insights for 2023

HomeLight’s California Real Estate Insights Report for 2023 analyzes the results of a survey of 445 real estate agents located in the state of California. The findings indicate that buyer demand in the state has been hyper-sensitive to interest rate increases over the past three to six months. While prices have cooled, low housing supply is acting as a counterbalance to prevent a free fall in home values. Additionally, accessory dwelling units (ADUs) continue to rise in popularity as a way to offset rising housing costs. The survey data also shows that buyers and sellers in California are becoming more cognizant of climate risk when deciding where to move.

What's Offered in the California Real Estate Insights Report?

Chapters include:

Housing market slows to a crawl from Northern to Southern California
Expensive mortgages spark heightened demand for ADUs
Beds, baths, and climate risk: The evolving criteria for California buyers
Fireside chat with HomeLight Elite Agents

California real estate agents surveyed 445

regional data cuts within California 3

HomeLight’s California Real Estate Insights Survey for 2023 was fielded between Nov. 28-Dec. 12, 2022 through an online poll of 445 real estate agents located in the state of California. Data comparisons to a national sample size are taken from our Top Agent Insights Survey for New Year 2023. Top agents were selected to participate in the survey based on the same performance data HomeLight uses to identify top real estate agents for over a million homebuyers and sellers nationwide. In addition to agents identified as top performers, agents licensed in the state of California who were available to contact through HomeLight’s internal database were also invited to participate.

Get a sneak peek into some of the key data insights from our California Real Estate Insights Report, including a deep dive into how higher interest rates have changed the market, the latest ADU trends, and where climate risk is affecting home insurance and resale values in the state.