Current home values in Fresno

Since summer 2020, the median home price in Fresno has climbed by 31.3%. As of July 2020, homes typically sold for $320,000, as compared to $420,000 in July 2024, according to data from the California Association of Realtors.

The real estate industry is critical in propping up Fresno’s economy, especially through property tax revenue. “When you have a year like we’ve had this year in our city, where we’re starting to see a slight decline in our sales tax, then, fortunately, property tax picks up,” said Mayor Jerry Dyer in a recent article by Fresnoland.

Back in 2022, the city set a goal to produce 6,100 affordable housing units over the next three years, as well as 4,100 market-rate units. However, the city is still struggling to provide enough affordable housing to keep up with demand. “When interest rates go up, usually home prices come down to compensate. We have not experienced that at all,” added Annie Foreman of Realty Concepts.

The table below illustrates exactly how much home prices have increased in the Fresno area over the last five years:

This trend isn’t unique to Fresno or even California; it’s become a nationwide phenomenon. From the beginning of 2020 to May 2024, U.S. home prices as a whole have surged by over 50%, according to the S&P CoreLogic Case-Shiller National Home Price Index.

This significant price appreciation has allowed homeowners across the country to build up a substantial amount of equity, which can be leveraged for various financial goals, including home improvements, debt repayment, retirement savings, or future investments. An early 2024 report by ICE Mortgage Monitor revealed that the average mortgage-holding homeowner in the U.S. now holds approximately $299,000 in home equity.

For comparison, the table below shows median home prices in cities near Fresno:

In the next section, we’ll explore several tools to accurately estimate your Fresno home’s current value.