Sacramento Housing Market Trends: A July 2024 Perspective
Seller's Market Continues, but Signs of Balance Emerge
The Sacramento housing market remained a seller's market in July 2024, although there were some indications that the market might be starting to balance.
Here are the key statistics from the report:
- Months of inventory: 1.8
- List to sold price ratio: 100.4%
- Median days in RPR: 14
- Median sold price: $560,000
Compared to June 2024, months of inventory increased slightly (up 2.17%), while the list to sold price ratio decreased slightly (down 0.31%). Median days increased significantly (up 27.27%), and the median sold price decreased slightly (down 0.18%).
What does this mean for buyers and sellers?
For buyers, the Sacramento housing market is still competitive. Homes are selling quickly, and buyers may need to be prepared to act quickly and make a competitive offer. However, the increase in median days is a positive sign for buyers, as it indicates that homes are staying on the market for longer.
For sellers, the Sacramento housing market is still a good place to sell a home. Homes are selling quickly and for top dollar. However, it is important to price your home competitively in order to attract buyers.
Overall, the Sacramento housing market is still a seller's market, but there are signs that it may be starting to balance. This is good news for buyers, who may have more options to choose from in the coming months. However, it is still important to be prepared to act quickly and make a competitive offer if you see a home that you like.