Sacramento Real Estate Market Update – October 2024

Let’s talk about the Sacramento Real Estate market for October 2024. Stick around to the end and I’m going to talk about the major thing that isn’t happening in the Sacramento Real Estate market this year end.

Let’s get into the details.

Average Home Price

Based on data from Trendgraphix, the average home price in September for the 4-County Region was down slightly to $662,000. That’s still up 0.3% compared to October of ‘23.

Average Price Per Square Foot

The average price per square foot in the region was down slightly, to $343, compared to September but up 1.8% from this same period last year.

Number of Homes Sold

In October, a total of 1,639 homes were sold, an increase of 8.5% from September and up 17.7% from this time last year. Pending sales were up 1.6% compared to last month and are up a whopping 30.2% from October of last year.

Months of Inventory

Inventory is down this month to 2.4 months. This is still a seller’s market, but that doesn’t tell the whole story.

Many Buyers are waiting for the perfect deal, often losing out tons of equity right now. As a Seller, even though inventory is low you need to price your home at or just below the true market strike price, present it very well and make sure you have Real Estate Professional who knows how to actually market your home to the right buyers in order to sell in todays market. There is a lot of art and skill required to navigate the unique issues we’re seeing today.

Mortgage Rate Stats

Rates dropped after the Fed dropped the Fed funds rate another 25 basis points this week, but rates are still a little higher as we finish up the month. With the uncertainty of the election over, we’re already seeing strong positive signs in the market.

Now that doesn’t mean we’re going to see rates in the 3’s and 4’s again. I honestly don’t think we’ll see the 5’s going into next year. There’s just too many economic factors that are going to keep rates in the healthy range of the low 6’s through most of ’25.

Now, Builders are offering some amazing rate incentives on the limited inventory homes they have. We have a few you can get some great deals on right now, but those are going to disappear quickly given the current pace of new home sales.  If you’re a buyer or a Realtor, New Homes is the place to be. Builders are helping to bridge the affordability gap that you can’t do in the resale market.

Opinion

I talked at the beginning of the video about the interesting thing that isn’t happening in the Sacramento Real Estate market as we wrap up the year. Historically we see the market slow down as we enter the holiday season. That’s not happened the last several years, and by the look at the numbers this month, it’s definitely not happening again this year.

So if you’re waiting for a perfect time to buy it continuing to be yesterday.  If you’re ready, willing and able to buy a home right now

Closing

Our job is to help you move up in life. Let NEXT help you get from where you are to where you want to be.

Please make sure to like this video, subscribe, and hit the notification bell so you never miss a market update. I’m Christopher Brown with NEXT Real Estate Group and Next New Homes Group. See you next month!