Corona, a quality community in Western Riverside County with a population of more than 148,000, has recently experienced a real estate boom, with home prices and housing demand significantly rising. Corona’s economy has also been increasingly strengthening as retail and commercial areas and office development is flourishing. Corona, CA boasts of an ethnically diverse community, whose bigger population comprises young, well-educated families. The booming Corona, CA real estate market has influential metrics such as inventory, median list price, and days on the market, among others.
Home prices continue to grow year-over-year in Corona, CA, as inventories remain low compared to the growing demand for homes. The median list price in Corona, CA was at $640,000 in December 2020, which is a 1% decline from the previous month, and a 16% growth from December 2019, according to Movoto. Moreover, the median list price per square foot in Corona, CA, according to Movoto, was $283 in December 2020, which is a 2% month-over-month increase and a 14% year-over-year increase.
On the other hand, house inventories remain historically low, contrasting with the rising demand for homes. According to Movoto, home resale inventories in Corona, CA, were 175 in December, a 4% month-over-month increase and a 52% decline from the previous year (December 2019).
Meanwhile, homes listed for sale in the Corona market are moving really quickly due to the high demand in the market. The median days on the market declined by 12% in December 2020 from the previous month and dropped by 46% from the previous year. The data above is summarized in the table below:
| December 2020 | November 2020 | December 2019 | |
| Median list price | $640,000 | $648,000 | $549,999 |
| Median $/Sqft | $283 | %276 | $248 |
| Inventory | 175 | 168 | 372 |
| Median days on the market | 34 | 39 | 64 |
Source: Movoto.com
Meanwhile, if you’re planning to invest in the Corona, CA real estate market, Walletinvestor advises that you do it on a long-term basis as a short-term investment in Corona City market is “not so good.” According to Walletinvestor, a 5-year investment in the Corona, CA market is expected to make about 11.35% in profit. This means that investing $100,000 today may give out $111,350 in profit by 2025. This is enough indication that Corona, CA, is a good place to buy real estate in 2021.
Work cited.
https://www.movoto.com/corona-ca/market-trends/.
https://walletinvestor.com/real-estate-forecast/ca/riverside/corona-housing-market.
