Median in San Bernardino County edges close to $500K

Up 18% from a year ago in Inland Empire market

Los Angeles /
Apr.April 11, 2022 02:30 PM
San Bernardino (iStock)
San Bernardino (iStock)

The median price of a home in San Bernardino County has climbed close to $500,000, with sales slowing as mortgage rates rise.

A median house in the area–which counts as half of the Inland Empire, alongside neighboring RIverside County–cost $485,000 in February, up 2.1 percent from the previous month and 17.7 percent from the same month last year, the San Bernardino Sun reported.

It also came close to a record home price of $485,500 in December.

Sales data from DQNews show that 2,359 homes, both old and new, sold in February across San Bernardino County — down 5 percent from January and down 4 percent from February 2021.

The February dip in sales reflects a broader trend across Southern California, where 16,905 homes sold in six counties, up 2 percent for the month but down 8 percent for the year, DQNews reports. The region’s median price cracked the $700,000 barrier in just 15 months, hitting $706,000 — up 3 percent for the month, and up 15 percent over 12 months.

Since 1988, a typical February sees a one-month sales drop 65 percent of the time, with an average 1.2 percent decrease from January.

But San Bernardino County sales remained fairly brisk, ranking as the 11th busiest February since 1988. In the prior 12 months, the county had 37,408 home sales, 15 percent above the previous year and 26 percent above the 10-year average.

Of those, 1,877 were existing homes, which sold for a median price of $460,000; 142 were existing condominiums, with a median price of $485,000; and 340 were newly built, with a typical price of $575,000, a 13-percent increase over the past year.

At the same time, Los Angeles and Orange County listings were down 34 percent in a year, the ninth-biggest drop among the 50 largest metropolitan regions in the U.S. The Inland Empire supply rose 6 percent, the largest gain in the nation, according to Realtor.com.

Rates on a 30-year, fixed-rate mortgage averaged 3.44 percent in the three months ending in February compared to 2.74 percent from a year earlier. That translates to 8 percent less buying power for house hunters.

The Inland Empire will outrank Los Angeles County in the multifamily market this year, according to a recent report from Marcus & Millichap.

[San Bernardino Sun] – Dana Bartholomew





    Related Articles

    arrow_forward_ios
    Amazon's Jeff Bezos and the vacant land near Palm Springs (Getty, Google Maps)
    Amazon buys 120 acres set for 3.4M sf distribution hub
    Amazon buys 120 acres set for 3.4M sf distribution hub
    Clear Capital LLC founding partners (L-R) Daniel Hardy, Eric Sussman, Paul Pellizzon and Greg Worchell with Foothill Ridge apartments, 1334 W. Foothill Blvd., Upland (Clear Capital LLC, Foothill Ridge Apts.)
    Clear Capital buys 232-unit apartment complex in Inland Empire
    Clear Capital buys 232-unit apartment complex in Inland Empire
    CenterPoint Properties' Bob Chapman and 10855 Philadelphia Avenue (Loopnet, CenterPoint Properties)
    CenterPoint pays $101M for Jurupa Valley industrial
    CenterPoint pays $101M for Jurupa Valley industrial
    Clarion Partners’ David Gilbert with Eucalyptus and Euclid Avenue in Ontario Ranch (Loopnet, Clarion Partners)
    JV scores construction financing for 1.7M sf Ontario Ranch industrial complex
    JV scores construction financing for 1.7M sf Ontario Ranch industrial complex
    Dara Mir (left) and Lilly Ghalichi (right) with daughter Alara; 10614 Chalon Road in Bel Air (Plus Real Estate Group, Instagram/lillyghalichi, iStock)
    Rate hike likely factor as Shahs of Sunset star settles for $4M trim in Bel Air
    Rate hike likely factor as Shahs of Sunset star settles for $4M trim in Bel Air
    Prologis' Hamid Moghadam, Duke Realty's Jim Connor and 10415 8th Street (Prologis, Duke Realty, Google Maps)
    Prologis to top 100M sf in SoCal with Duke deal
    Prologis to top 100M sf in SoCal with Duke deal
    Cardenas Markets' Doug Sanders with Cardenas Market (Cardenas Market)
    Apollo buys into Inland Empire retail with deal for Ontario-based Cardenas
    Apollo buys into Inland Empire retail with deal for Ontario-based Cardenas
    Redlands mayor Paul Barich with warehouses (City of Redlands, iStock)
    Redlands moves to restrict industrial development
    Redlands moves to restrict industrial development
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...