Sacramento’s real estate market is thriving. This has been the case for quite some time, and even the COVID 19 pandemic didn’t seem to slow it down. Having seen its neighbors like San Francisco and San Jose do well and grow, it looks like now it’s Sacramento’s time.
America’s farm-to-fork capital’s housing market growth is due to its relatively affordable property prices. As more and more people are working from home, the need to stay close to cities and offices is dying.
This has made the Golden State’s capital an attractive choice for many. More people are looking to invest and possibly relocate to Sacramento.
If you’re looking to buy or sell property in Sacramento, read on as we discuss the current real estate market trends. This will give you an insight into the market and whether it’s worth the investment.
Sacramento’s Housing Market Trends
The city’s trends are indicating an increase in the demand for housing. This has seen the number of home buyers outnumber the houses available for sale.
This essentially makes it a sellers’ market in Sacramento.
New entrants in the market looking to sell will likely set their asking price higher. With many people moving to Sacramento, the number of buyers will only continue going up.
While the number of inventory is on an upward trajectory, on the grander scale, it’s still falling on average year to year.
Median House Price
As a sellers’ market in Sacramento, houses are selling well above the asking price. With the median home value at $445,000, the homes are selling at a higher price than the national average. However, for people still interested in buying here, the prices are considerably fair compared to neighboring cities like San Jose.
While houses are selling relatively fast, the number of offers each listing is receiving is slowing down every month. This indicates that the high prices are putting the buyers off. As such, we see the listing price gets reduced.
While it’s still too early to call it a trend, the market is correcting itself by putting the prices to where they should be. Expect that houses will likely be staying on the market for a while.
If you’re looking to sell or buy in Sacramento, contact the best real estate agent like Seesacramentohomesnow.com now.
Sacramento’s Rental Market
As indicated above, Sacramento is seeing an influx of people who are looking to call it home. While owning property is the goal, not all are financially ready to buy right now.
This has seen the rental market in the city explode as more people are moving in to escape other expensive cities. While rent is high, there are other areas that are very much affordable.
Make an Informed Choice Regarding Sacramento Real Estate
With Sacramento’s housing market red hot right now, there’s no better time to invest in Sacramento.
With this guide, you’re ready to make the best-informed choice.
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