According to an analysis of housing market data, California remains one of the most expensive real estate markets nationwide, with certain areas notably labeled as “extremely overpriced.” Sacramento has positioned itself among the state’s top 10 overpriced markets, where the average listing price for a single-family home stands at $580,804. Meanwhile, Modesto has been identified as the most overpriced market in California, with home prices inflated by 32% above their perceived value, as per the research findings.

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Several factors have contributed to the sharp increase in prices, including a limited supply of homes for sale, intense competition among buyers, higher mortgage rates, and inflationary pressures. The appeal of relatively lower living costs has drawn California residents and others to markets like Modesto, where average monthly expenses are only 13% higher than the national average, according to insights from Go Banking Rates, a personal finance company.

Source: The Sacramento Bee

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