Greater Sacramento March Market Update

This is an example of the data I study consistently and share with my clients one on one. Do you think this type of data is helpful? If you’d like to see more of this please let me know. 

The market is moving quickly this year. Even since the release of this video I have competed on multiple offers on most worthy homes. Particularly those with pools or that are perfect as well as priced well seem to sell for quite a bit above asking right now. 

Sellers: 

Now is the time to get your home on the market if you’re thinking of selling in 2024. 

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. 

Detailed Sacramento Market as of the last published report:

The Sacramento county real estate market median price, including the city of west sacramento is growing month over month by 3.9%. 

The year over year growth is 7.2% for the median price. 

Currently housing inventory is keeping pace with demand.

Finally, the current median price as of the end of February 2024 for the greater Sacramento area is $535,000. This is on an upward trajectory but lower than the all-time high price in the area of $575,000 in May of 2022 notably before interest rates continued to drastically increase through 2022. 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 11.2% and shows Sacramento County only (not including City of West Sac) to be 9.4% growth year over year, which feel about right with the competition I’m seeing. Though it shows Placer and El Dorado have lower year over year growth, keep in mind these are vast counties with numerous rural areas. If you want specific data on your Zip Code please let me know. As in the cities, you’ll find it closer to the State or Sacramento Averages.

Nationwide:

We are seeing growth across all regions year over year nationwide, albeit, at a lower rate of growth around 5.7%. This goes to show the seller’s market is National and not just a California problem.