The San Luis Obispo County Assessor’s 2024 annual report shows the median price for single-family homes has increased 150% since 2011 from $359,750 to $901,111.
“For Morro Bay, it is closer to $1 million and $1.1 million depending on which source you’re looking at,” said Alice Frawley, Navigators Real Estate associate broker.
Local real estate broker Alice Frawley says the increase in remote work during the COVID-19 pandemic allowed people to move anywhere and still work from home. Back in 2020, single-family homes were around $240,000 less than they are now.
“Although it is disappointing for people that lived here a long time or grew up here to see prices like that, for people from other areas like the Bay Area, these look like bargain prices,” Frawley said.
Frawley says another reason for the price increase is that the county has a lot to offer.
“Of course, the ocean, the beautiful beaches, horse properties, wineries, and not nearly as crowded as other places,” Frawley said.
“It’s a premium place to live, so it’s going to have a premium price,” said Morro Bay resident Duane Sorensen.
Duane Sorensen owns a mobile home in Morro Bay and says the home prices since 2020 caught him by surprise.
“As rapidly as that did, that’s a little surprising,” said Sorensen.
As far as what Frawley expects home prices to look like next year:
“It feels like 2025 is going to be a good year and prices will go up, but it depends on what the interest rate does as well,” Frawley said.
