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Sacramento Real Estate Market Update – February 2024

Summary

The real estate market for February 2024 is showing a continued rise in home prices and a decrease in inventory. The average home price in Sacramento increased by 5.9% compared to the previous year, and the average square foot price also saw an increase. Sales and pending sales have been on the rise, indicating a normal start to the selling season. However, inventory remains low, and mortgage rates have ticked up slightly due to market volatility. Waiting for rates to drop may result in missed opportunities for equity gain. Now is the time to buy or sell a home.

Takeaways

  • The real estate market in Sacramento is experiencing a rise in home prices and a decrease in inventory.
  • Sales and pending sales are increasing, indicating a normal start to the selling season.
  • Mortgage rates have ticked up slightly due to market volatility.
  • Waiting for rates to drop may result in missed opportunities for equity gain.
  • Now is the time to buy or sell a home in Sacramento.

Chapters

00:00Overview of the Real Estate Market for February, 2024
00:31Increase in Home Prices and Sales
01:02Normal Start to the Selling Season
01:29Low Inventory and Tightening Market
02:57Waiting for Rates to Drop
03:26The Cost of Waiting for Rates to Drop
04:25Now is the Time to Buy or Sell

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