Sacramento Real Estate Market Update – December 2023

Welcome back to Next Real Estate Group’s channel! In this video, our Broker, Christopher Brown, brings you the latest insights from the December 2023 Sacramento real estate market, as well as a recap of the overall market in 2023.

Highlights from the Video:

Average Home Price: December saw an average home price of $590,000 in Sacramento, marking a slight increase from last month and a significant 8.1% rise from December 2022.

Average Price Per Square Foot: The price per square foot was $309, a slight decrease from November but up 4.4% year-over-year.

Number of Homes Sold: Despite a small dip from November, December sales were up 11% from the previous year, indicating a warming market.

Months of Inventory: Inventory levels dropped to 2.1 months, suggesting a strengthening seller’s market.

New Home Market Stats: December continued strong sales in the new home market, with decreasing inventory leading to price increases and reduced incentives.

Mortgage Rate Stats: Mortgage rates are declining, with the Fed indicating a pause in rate hikes. Predictions suggest further reductions in the Fed Funds rate in 2024.

Opinion: Christopher reflects on the challenges and opportunities of 2023 and shares his excitement for what 2024 holds in store for Sacramento real estate.

Don’t miss our 2024 market predictions video!

Closing Remarks: At Next Real Estate Group, we’re dedicated to improving your life, whether through buying or selling a home. Agents looking to grow their business are encouraged to reach out for collaboration and growth opportunities.

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Disclaimer: The information provided in this video is for educational and informational purposes only and should not be considered as professional financial or real estate advice.