Ripon continues to set the standard when it comes to home values in the Northern San Joaquin Valley.
The median price of existing homes based on closed escrows rose to $300,000 in 2013. That’s the highest for any city in the three-county region in terms of price.
Perhaps even more indicative of how popular Ripon is with home buyers is the average time that the 201 homes that sold in 2013 stayed on the market. It was 24 days.
The statistics compiled from the Central Valley Association of Realtors’ Multiple Listing Service show values based on closed deals for existing homes increased 9 percent above the 2012 median of $275,000 for 218 home sales. The median closed escrow in 2011 was $245,000 when 239 homes sold.
Ripon isn’t experiencing the double digit gains that many communities in California experienced in 2013. Manteca, for example, saw the 35.4 percent jump in value last year to a median of $255,000. That meant the median price for the 991 existing homes that sold in Manteca during 2013 was up $66,750 from 2012 levels.
Ripon, however, didn’t experience as deep of a drop in home values after the housing bubble burst.
The most expensive residential property that sold in Ripon during 2013 closed escrow for $915,000.