Sacramento Property Values Cool in April 2024 Amid Varied Neighboring City Markets

The post explores Sacramento’s real estate trends, highlighting a declining average price per square foot and dampening sales volumes.

authorWritten by Manuel MartinezMay 10, 2024

Sacramento’s real estate market is exhibiting some interesting trends that merit attention from prospective buyers, sellers, and investors alike. One of the key observations our recent RealtyTrac property data is a marked decline in the average sold price per square foot, dipping from April 2024 to May 2023. This trend could signal a cooling period, where property prices are becoming more buyer-friendly, possibly leading to increased market activity as properties become more affordable.

See out previous report on Sacrament from February this year.

Here is a snapshot of current values compared to last year

May 2023 April 2024 Change
Median Listing Price $389.4K $478.3K 22.82%
Median Sold Price $473.3K $478.3K 1.06%
Homes For Sale 162 146 -9.88%
Homes Sold 6,149 6,302 2.49%

Throughout the previous year, the average value of properties in the region has been experiencing modest fluctuations. This period was characterized by a decrease leading up to December 2023, with minor rebounds noted during the early months of 2024, before a subsequent decline in April. Despite these variations in price, the property count has remained quite stable, suggesting that while pricing has changed, the supply of properties in the market has not experienced a significant shift.

The volume of sold homes has seen a substantial downturn since October 2023, climaxing in April 2024. This suggests a dampening of sales activity which might be attributed to various factors including economic conditions or shifts in housing demand.

Surrounding cities present contrasting scenarios:

  • Carmichael experienced an increase in average sold price per square foot, potentially indicative of heightened demand or desirability in the area. In contrast, North Highlands witnessed a rise in average sale prices against a backdrop of decreasing property values, presenting an intriguing case of market dynamics.
  • Fair Oaks showcase a higher average sale price relative to other neighborhoods, solidifying its status as a more upscale market segment. Conversely, Rancho Cordova’s property values saw a noteworthy ascent during the early portion of 2024.

This analysis underlines a few central points to be mindful of when engaging with the Sacramento housing market: pricing per square footage is in decline, sales volumes have dipped, and neighboring areas are exhibiting diverse trends worthy of individual consideration.

Current State of Sacramento’s Real Estate Market

As of April 2024, Sacramento’s real estate market is characterized by an average property value of $409,451 and an average price per square foot of $289. Despite the broader trends of cooling prices, the average sale price has reached about $478,331, with an average sold price per square foot valued at $329. Over the noted period, a total of 6,302 properties have exchanged hands, underlining a significant volume of transactions despite the observed slowdown in the number of properties sold.

Overview of nearby zip codes and average house values

Zip Median Est. Value Zip Median Est. Value
95818

$ 741,000

$ 404/sqft

95815

$ 327,500

$ 342/sqft

95838

$ 374,999

$ 277/sqft

95829

$ 541,200

$ 306/sqft

95821

$ 743,900

$ 373/sqft

95826

$ 581,400

$ 394/sqft

95820

$ 417,500

$ 376/sqft

95824

$ 361,750

$ 337/sqft

95823

$ 430,750

$ 321/sqft

95833

$ 633,250

$ 287/sqft

95828

$ 469,950

$ 316/sqft

95816

$ 549,250

$ 466/sqft

95835

$ 557,750

$ 295/sqft

95817

$ 513,111

$ 412/sqft

95822

$ 393,700

$ 363/sqft

95811

$ 774,500

$ 453/sqft

95825

$ 566,600

$ 379/sqft

95864

$ 798,850

$ 377/sqft

95842

$ 475,900

$ 331/sqft

95832

$ 426,170

$ 299/sqft

95834

$ 517,000

$ 314/sqft

95814

$ 2,099,000

$ 1,210/sqft

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