As of September, the Sacramento housing market continued to be strong, with home prices on the rise and low inventory levels contributing to a competitive market for buyers. Let's take a closer look at some of the trends and statistics that have been driving the market.
Home Prices
According to data from Zillow, the median home value in Sacramento in September was $286,600, up 7.7% from the previous year. This increase in home prices was due in part to a strong local economy and a growing demand for housing in the area.
Inventory Levels
One of the biggest challenges facing home buyers in Sacramento in September was low inventory levels. With fewer homes on the market, buyers had to act quickly when a desirable property became available. This contributed to a competitive market, with some homes receiving multiple offers and selling above the asking price.
Days on Market
Despite the low inventory levels, homes in Sacramento were still selling relatively quickly in September. According to data from Redfin, the median number of days on market for homes sold in August was just 15 days, down from 20 days in 2015. This fast pace of sales further underscored the need for buyers to be well-prepared and ready to act quickly in order to secure a home in the Sacramento market.
New Construction
One bright spot in the Sacramento housing market in September was the increasing availability of new construction homes. With demand for housing on the rise, builders were beginning to invest in new projects, offering home buyers more options for new construction homes in the region.
Overall, the Sacramento housing market in September was strong and competitive, with low inventory levels and rising home prices contributing to a fast-paced market for buyers. Despite these challenges, the region remained an attractive destination for home buyers looking for a dynamic and growing community in Northern California.
