This article has been updated to get an overview of the Sacramento housing market. Tight supply and strong demand are boosting home prices in the Sacramento housing market making it strongly skewed to sellers.
Due to the short supply of available properties, Sacramento is going to continue feeling a lot of pressure on the listings in the form of multiple offers from buyers. This has led to Sacramento being a sellers’ real estate market, forcing buyers into fierce competition with one another.
Home values have been rising in this region despite the economic disruption caused by the coronavirus pandemic. The median sales price hit $425,000 in Sacramento County and $469,000 in the four-county region last month, up roughly 10.4% from August 2019. The realtors' forecast is that Sacramento house prices would continue an upward surge in the next year as well.
Home sales have slowed down primarily due to the significant economic slowdown stemming from the response to the pandemic. August closed with 1,560 sales, down 11.9% from the 1,755 sales in July. Compared to one year ago (1,567), the current figure is down .4%, according to the Sacramento Association of REALTORS®.
Both nationwide and in the Sacramento area, housing inventories are down significantly. The Active Listing Inventory decreased by 2.2% from July to August, from 1,266 units to 1,238 units. Compared with August 2019 (2,460), inventory is down 49.7%.
According to Realtor.com, in September 2020, the median list price of homes in Sacramento was $394.9K, trending up 12.8% year-over-year. The median listing price per square foot was $255. The median sale price was $390K. Homes in Sacramento sold for approximately 100.56% of the list price on average in September.