🏡📈Sacramento Real Estate Market in 2024 #realestate #sacramento

Update 3.14.24 - Latest published data from the Sacramento Association of Realtors released today. The median sales price for Sacramento County and City of West Sacramento shows month over month appreciation of 3.9% and year over year appreciation of 7.2% where the median price in Sacramento is now $535,000 and rising the mean price is $592,860 with the highest median price recorded in Sacramento coming in at $575,000 in May of 2022 before interest rates took a serious Hike upward.

The real estate market in Sacramento is heating up this winter going into spring of 2024. Interest rates have remained in the high 6% range and even into the 7% range depending on the day / week. Prices are starting to increase already as evidenced but multiple offers over asking on properties in the greater Sacramento Area. As much as buyers want lower interest rates, buyers who have not yet purchased a home should hope they stay the same or drop very gradually. A gradual change in interest rate will avoid the pent-up demand of buyers from flooding the market all at once. We DO NOT WANT A REPEAT OF late 2020-Early 2022 where there was a flood of home buyers. The median price should grow on average about 5% this year if everything remains the same. That means as long as interest rates stay where they are, and no major economic or global events occur, we should expect a continued seller’s market with the limited housing supply we currently have.

As a reminder if you're planning to sell early spring and summer are your best times to net the most from the sale.
California buyers, buying a home in spring and summer comes with the most competition, but also typically the most options to pick from.

#sacramento #california #realtor #realestate #market #housing #househunting #homesforsale