Prices & Sales Up Year Over Year
Median Sacramento Home Price
Median sales price fell 3.7% in January over December, from $535,000 to $515,000. More significantly, prices were up 3.2% over this time last year when median sales price stood at $499,000.
Housing Inventory in Sacramento
Number of homes on the market increased 2.7% in January, from 1,084 to 1,113. Compared with January 2023, inventory is down by 14.4%. Months of inventory now stands at 1.8 months.
Sacramento Home Sales
Sales were down 13% last month compared to December 2023 (610 in January vs. 701 in December). Year over year, sales are up by 6.6%.
BOTTOM LINE
The market was a bit sluggish in January. Some properties are getting multiple offers but they must be priced correctly, marketed by a professional and show well to potential buyers. Home are taking a little longer to sell than they were in December. Buyers, facing interest rates that still feel relatively high and limited inventory to choose from, are proceeding with caution. Interest rates will continue to dictate the temperature and pace of this market. If rates go down to 5% or 6%, the market will heat up and we'll see higher prices and more competition. If they continue to wobble around 7%, we'll keep seeing some unevenness where the most attractive or 'creampuff' properties sell quickly and significantly over list price while others fail to attract much buyer interest and languish on the market.