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Fremont California Real Estate

market price sales median

Over the past few years, many cities located all over the state of California have been negatively affected by the poor housing market. The Fremont, California real estate market, which is located between San Jose and Oakland in Northern California, has been hurt as bad as any other city.

During the housing boom of the mid 2000s, the median sales price for a home in the Fremont, California real estate market increased from around $500,000 up to around $650,000. However, when the market turned for the worse in early 2007, the median sales price in the Fremont, California real estate market began to tumble. The median sales price in the Fremont, California real estate market fell to as low as $450,000, but has bounced back slightly to around $500,000. The sales price now appears to be stable, as prices have been consistent for the past few quarters.

One reason why the median sales price in the Fremont, California real estate market has fallen as far as it has is because of the high rate of foreclosure. Like many cities located in Northern California, Fremont has experienced a foreclosure rate well above the national average. In February 2010, 1 in every 335 households located in the Fremont, California real estate market received a notice of mortgage default. The rate of foreclosure is the worst in Fremont’s southern zip code of 94539, where 1 in every 278 received a notice of default.

The high rate of mortgage default is sure to further affect the median sales price in Fremont. The median listing price for a foreclosed home in the Fremont, California real estate market is just $356,000, which is well below the city-wide sales price.

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