Fresno, CA Scores 82 on PropertyIQ. The Rent Numbers Work. The Employment Data Does Not.

Fresno scores 82 out of 100. That surprises most people who have written off the Central Valley. The score is driven by strong rental demand -- but the data contains a real tension investors need to understand.

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The Contradiction in Fresno's Data

On one side: strong rental demand. The Zillow rent index for Fresno sits at $2,211/mo as of December 2025 -- the highest in this batch of markets, well above Albany ($1,602) and Omaha ($1,388).

On the other side: elevated unemployment. At 8.1% as of November 2025, Fresno's unemployment rate is the highest of any market we cover at this score level. The Central Valley economy is historically tied to agriculture and warehousing, sectors with seasonal and structural employment volatility.

The PropertyIQ Score integrates both signals. Fresno lands at 82 because the rental demand picture is strong enough to offset the employment concerns -- but investors should weight the unemployment figure carefully.

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Market Fundamentals (as of February 28, 2026 unless noted)

Prices are softening. Home values declined 3.79% year-over-year and 0.65% month-over-month as of February 2026. This is a correction from the pandemic-era runup.

Inventory is rising. For-sale inventory grew 10.5% year-over-year to 1,822 homes. Price cuts affected 16.4% of listings.

The market is overvalued. At 65.5% overvalued relative to local incomes, the median income of $71,897 is well below the $121,466 needed to buy at current prices.

Rent yield is the strongest argument for Fresno. At $2,211/mo rent on a $418K median value, the gross rent multiplier is approximately 15.8x -- well below the 20-25x that makes cash flow investors nervous.

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Key Market Data

• PropertyIQ Score: 82/100
• Median home value: $417,602 (Zillow, Jan 31, 2026)
• Median listing price: $456,990 (Realtor.com, Feb 2026)
• Year-over-year price change: -3.8%
• Overvaluation vs. income: +65.5%
• Days on market: 53
• Rent index: $2,211/mo (Zillow, Dec 2025)
• Unemployment: 8.1% (Nov 2025)
• Median household income: $71,897 (Census, 2023)
• 5-year home value change: +26.1%
• Zillow price forecast: +1.9% (12-month, Dec 2025)

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What This Means for Investors

Fresno is a yield story with embedded risk. The rent numbers work. The employment numbers are a concern. Focus due diligence on specific submarkets with stable employment bases (Clovis, north Fresno near medical corridors) rather than the metro aggregate.

For appreciation-focused buyers: the overvaluation and declining prices suggest patience is warranted.

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