Sacramento Real Estate Market Update – August 2023
Sacramento Real Estate Insights: July 2023
Nestled as California’s golden heart and fondly known as the city of trees, Sacramento boasts more than just scenic beauty and rich history. But have you wondered about its real estate pulse? Let’s unpack the numbers and trends from July 2023!
Hello, lovely readers of Next Real Estate Group! Christopher here, and I’m excited to share the latest figures and trends dominating Sacramento’s real estate landscape this summer.
The Pricing Pulse
Kicking off with prices, they’ve jumped by 1.2% compared to last year. Despite the prevailing interest rates, Sacramento homes are not just selling – they’re sizzling! The market momentum shows minimal signs of slowing down.
Time on Market? Blink and You’ll Miss!
Homes here are getting snapped up faster than a popsicle disappears on a scorching Sacramento day. The average listing finds its new owner in just 25 days! With a scanty 1.6 months of inventory available, the robust Seller’s market (characterized by 3 months or less of inventory) continues to dominate.
A Year Unlike Any Other
2023 has been nothing short of a whirlwind. The city’s burgeoning popularity has led to fierce competition for homes. It’s no surprise that Redfin crowned Sacramento as the fifth most sought-after relocation spot in the U.S.! Our city is attracting not just Bay Area denizens, but folks from across the country.
A Spotlight on New Construction
Builders are racing against time, trying to replenish the market’s thirsty inventory. But with ongoing challenges – be it labor constraints, regulatory hurdles, or material shortages – keeping up with the booming demand is a tall order. July alone witnessed 498 new home sales, according to the North State BIA’s report. For context, last year’s July had a mere 159 sales, while a typical July averages around 400.
Our city is more than just homes. With a vibrant history, delectable culinary scene, and abundant locales to relax or revel, Sacramento is brimming with life. Got a favorite spot to dine or unwind? I’d love to hear about it – drop a comment below!
And that wraps up our analysis for July 2023! Is Sacramento’s real estate market poised to soar further, or is a gentle descent in sight? Keep a tab on our updates to find out. If you enjoyed this deep dive, do give it a ‘like’ and consider subscribing for more such insights.
I’m Christopher Brown, your trusted Principal and Broker at Next Real Estate Group. Curious to know more or on a house hunt? Stay tuned here for all your home buying and selling needs.