When it comes to how home values have rebounded over the last 10 years after the recession the saying there’s no place like home may be more fitting for other areas, but Porterville held its own.
The median home value in Porterville increased by nearly 50 percent over the last 10 years, data from Zillow.com’s Home Value Index. At the height of the recession in December, 2009 the median home value in Porterville was 139,000.
That median value increased to $204,681 as of November, 2019. The national median home price is $243,225.
The median home value in Porterville increased by 3.4 percent over the last year and Zillow projects another 1.4 percent increase in 2020.
Zillow also essentially called the real estate market for Central California as “very hot” for sellers.
The median price currently listed for a home in Porterville is $242,674 while the median price for homes sold is $205,100.
The percentage of homeowners with delinquent mortgages is slightly lower than the national average at 1 percent while the national average is 1.1 percent.
But the percentage of homeowners who have underwater mortgages who owe more than what the home is worth is at 10.1 percent in Porterville. That’s slightly higher than the entire Visalia-Porterville metro area of 9..4 percent.
In other area communities the median home value is $198,000 in Springville, $191,000 in Terra Bella, $165,000 in Lindsay and $146,800 in Strathmore.
As a comparison, Fresno’s median home value had the second largest increase among the state’s 10 largest cities from $145,000 in 2010 to $256,000 at the end of 2019, a 76 percent increase. That ranked only behind Riverside, which had a 77.2 percent increase.
But Fresno still had the second lowest median home value among the state’s 10 biggest cities. The lowest is also in Central California, Bakersfield, at $252,000. The median home values for the state’s other eight biggest cities are:
San Francisco, $1.44 million; San Jose, $1.06 million; Oakland, $800,000; Los Angeles, $746,000; San Diego, $710,000; Long Beach, $641,000; Riverside, $422,000; Sacramento, $348,000; Fresno, $256,000.
The average rental price for all homes and apartments in Porterville is $1,218 a month. That’s slightly down from $1,311 a month in September 2010. In mid-2012 the average rental price was $1,135 a month. The average rental price for a two-bedroom apartment in Porterville at the end of 2019 was $983.
The average rental price for all homes in the Visalia/Porterville metro area at the end of 2019 was $1,287 a month and $1,452 in Fresno. The average for the U.S. was $1,591.