Sacramento Property Market Sees Home Values Grow 12%

The Sacramento real estate market has witnessed a consistent rise in property values, with the average value increasing by 12% from March 2023 to January 2024. This trend was echoed in neighboring cities. Foreclosure trends indicate a healthy market and the increasing list and sales prices show promising growth for investors and buyers.

authorWritten by Manuel MartinezFeb 5, 2024

Sacramento real estate market has experienced a steady growth in property values the last few months. Between March 2023 to January 2024 the average property value in Sacramento grew from $369,500 to $415,000, a notable 12% increase.

Sacramento homes prices
Sacramento homes prices

In terms of square footage, the average sold price witnessed an incremental growth, increasing from $318 to $321 per square foot. With regards to sales volume, the pattern fluctuated resulting in a peak in October 2023 with 7,369 properties sold and a slight decrease to 6,736 properties sold in January 2024.

Property Value Trends in Nearby Cities

Neighboring cities too echoed a similar trend of value growth. In Yuba City, the average property value exhibited a mild rise from $421,000 in January 2023 to $456,250 in January 2024. There was, however, a slight dip noticed around September 2023 when the average value dipped to $419,900. The city of Yountville showed a significant swing in property values, with the highest observed in January 2024 at $1,474,500, creating a stark contrast with the much lower values recorded in the preceding months, such as $712,000 in November 2023. Similar ebbs and flows were seen in other cities like Woodland and Winters too.

Foreclosures, a factor often used to measure the general health of a local real estate market, also followed an interesting trend. Sacramento’s market recorded a total of 280 foreclosures with a median value of $442,933 and a median value per square foot of $307, making up approximately 0.038% of the market. Pre-foreclosures and bankruptcy owned properties accounted for about 0.023% of the market with median rates slightly higher or lower than the general foreclosures. This data indicates a relatively healthy market with relatively fewer distressed properties.

Sacramento homes for sale
Sacramento homes for sale

Moving on to the properties currently for sale, the median list price is $415,000 with a median price per square foot of $291. This is backed by a median property value of $534,275, with per square foot value of $356.5. In comparison, the recently sold properties boasted a median sales price of $528,980 with a median sales value per square foot of $318. The median value of these properties on the other hand was $464,721 with a median value per square foot of $321.

Market Health Indicators

Based on the active market snapshot of the past year, the real estate market of Sacramento indicates a healthy upward trend. Median transaction values for the past 6 months are recorded at $528,980 and a slightly lower $526,013 for the past 12 months. Looking back further, historical median values assessed over the past 12 months were $463,253 with a median value of $322 per square foot.

In conclusion, data points towards a steady growth in Sacramento’s real estate market, with a general increase in property values and sold prices per square feet. Despite a few minor fluctuations, the market indicates healthy and positive market dynamics, which bodes well for investors and home buyers.

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