April Real Estate Market Update - Greater Sacramento - California - National Trends

by John Campos

The Market is always changing, and I want to make sure my inner circle has the best information at their fingertips to share with their friends and family.

Quick Market Update:

The market feels like a sellers market across the board, but there are hot and cold areas and homes. Even since the release of this video I have competed on multiple offers on most worthy homes both in higher prices ranges and starter prices ranges. I have also had listings that have hit the market and have not gone pending right away. This shows buyers are cherry picking the right homes, and have less desire to compete on homes that need work or are not priced well.

Sellers:

Now is the time to get your home on the market if you’re thinking of selling in 2024. The Sacramento Market peaks out in May / June each year and then prices begin to drop until the bottom out in Jan / Feb of the following year.

Buyers:

Getting in sooner is better than waiting. We are going to see the prices grow the fastest in the coming months and peaking out around July. Interest rates have also been on the rise which plays a much larger role in monthly payment than purchase price.

Interest Rates

Interest rates provided here are only provided as a national average, and can vary from person to person, and lender to lender. I can help you find a lender with exceptional service who does not charge points or fees when you’re ready. A no fee, low interest rate lender, will keep your costs down, improve your experience, and help you to qualify for more houses with a smaller payment. They can beat other lenders because of how compensation for lenders is calculated. Smaller companies have less overhead, thus are able to outcompete larger companies.

By my calculation

7.42% - Historical Median Interest Rate from 1971 - 2023

In RED below, you will see more recently we broke 7% interest rates for the 3rd time, with rates trending upward.

Detailed Sacramento Market as of the last published report:

The Sacramento County (including City of West Sacramento) data below:

Median Price Month / Month- grew 2.8% vs last month 3.9%

Median Price Year / Year - Is up 9.9%, March was 7.2%, showing stronger sellers market

Housing Inventory - Inventory is keeping pace with demand, down about 0.2% from last month.

Current Median Price - as of the end of March 2024 is $550,000 up from Feb $535,000.

Median price is on an upward trajectory but lower than the all-time high price of $575,000 in May of 2022, 2022 was notably before interest rates continued to drastically increase. Though all signs point to us potentially reaching the all time high this year or at least very nearly, despite interest rates.

California Market:

Redfin data shows:

California year over year growth of 10.3%

Sacramento County Only (not including City of West Sac) to be 9.0% growth year over year

Placer County is up 3.3%

El Dorado County is took a huge jump up from 10.2% from last months numbers of 3.2%

Note: County Data is vast with numerous rural areas. If you want specific data on your Zip Code please let me know and we can discuss your specific needs.

Nationwide:

We are seeing growth across all regions year over year nationwide, albeit, slower than Ca and slightly down to 4.8% from last month's 5.7%. I feel interest rates and concerns about the stock market playing a bigger role is creating a more sluggish month in March going into April.