Sacramento Housing Market Update - May 2024

What's the forecast for the Sacramento real estate market going into May 2024?

I know many of you are wondering what the latest insights into our real estate and what's the Sacramento market doing right now.

I'll share some tips with you on how to navigate the process whether you're buying a home or selling one.

Real Estate Trends for April

The Average Sold Price

The Average sold price in April 2024 $622,000 up over 4% from $597,000 in April of 2023 and up almost 2% from $611,000 last month.

Property Sales

April property sales were 2,691 units up over 14% from 2359 in April of 2023 and up almost 14% from the 2364 sales last month now versus last year.

Inventory

The total number of properties available this month was higher by 1,348 units or almost 40%.  This year's bigger inventory means that buyers who waited to buy may have a bigger selection to choose from the number of current inventory was up almost 14% compared to the previous month.

Sold Price To Original List Price Ratio

Finally we always want to talk about the rate ratio of sold price to the original list price. It's an important number to talk about because it shows us the average amount home sellers are willing to come down from the original list price. The higher above 100% the more of a seller's market it is. Sold price versus original list price this past month was 99% whichwas actually the same as the previous month. However up over 2% from April oflast year.

may housing update

So what does all this mean for you?

Well Sacramento still considered a seller's market. Sellers are enjoying a market with less competition listings and strong pricing.

Home buyers May face competitive conditions but there are always great opportunities and plenty of deals available.

Advice To Home Sellers

Sellers make sure to really get your house ready for the market decluttering your home and doing any repairs prior to hitting the market.  Make sure your property is marketed correctly to bring in the biggest pool of buyers both from the internet and through the more traditional method.

Advice To Home Buyers

Buyers work with an experienced agent who can really understand your needs make sure your agent uses every resourceto find you homes not just what's on the MLS as we navigate the Sacramento real estate market rest assured knowing that Big Block Realty North is here with the expertise to guide you.

Final Thoughts

Whether you're selling your home or searching for your next dream property, remember every Market has opportunities and our team is dedicated to helping you find them. Let's make 2024 a year that all your real estate dreams come true I hope you found this information valuable.

If there's anything we can do to support you or if you have any questions about real estate please feel free to reach out to me and my team we would be happy to help you. We love being Sacramento's real estate resource. Till next time Sacramento!

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