This article has been updated to get an overview of the Sacramento housing market for 2021. The realtors' forecast is that Sacramento house prices would continue an upward surge this year as well. The Sacramento–Roseville–Arden-Arcade, Calif. Metro Area is expected to have the nation's hottest housing market in 2021. Realtor.com has listed Sacramento metro area to have the strongest housing market in 2021 due to a rush of buyers coming from the ultraexpensive Bay Area in search of more reasonably priced homes.
The California housing market ended 2020 on a high note as sales remained strong in December and median house price reached another record high. The same momentum has been carried forward in 2021. In January 2021, the California housing market had its largest increase in sales and pricing in 17 years. C.A.R. reported a double-digit price and sales growth on a yearly basis in January.
We will discuss the Los Angeles housing market trends and forecast for 2021. After the impact of the pandemic, which halted the market for a while, we saw the first rebound in home sales in June of last year. Since then the home prices & sales have been accelerating year-over-year across the Southern California housing market and Los Angeles is no exception.
It is a no-brainer that low-interest rates haven’t been enough to motivate sellers who are unable or unwilling to list their properties in light of the job losses stemming from the underlying recession. This has resulted in a tight housing inventory, accelerating prices to unsustainable heights compared on a year-over-basis.
This article has been updated to reflect the most recent trends in the San Francisco Bay Area housing market. Motivated home buyers drove prices and sales up in December in a tight California housing market. The San Francisco Bay Area remained on top with the highest gain of 40.2 percent over last year's sales. Regionally, all the counties saw massive double-digit gains in sales as compared to last year except for Solano, where an 8% growth was seen.
Seattle housing market 2021 continues to see low inventory and high competition making things hard for homebuyers. Even before the virus hit the region in 2020, it was quite evident that if the inventory crunches further, housing affordability will become a bigger issue in the Seattle real estate market, especially with homes in the lower tier.
Since then we've seen significantly lower numbers of active listings when compared on an annual basis. In fact, Seattle is currently one of the most imbalanced housing markets in the country, from a supply and demand perspective. There’s just not enough supply to keep up. Pending sales are outpacing new listings and inventory continues to shrink. There are far more buyers than there are available homes for sale in the entire Puget Sound region's housing market.