Sacramento County Market Update: July 2024

The real estate market in Sacramento County has seen interesting developments this past July. Whether you're looking to buy, sell, or invest, understanding the latest market statistics is essential. Let's dive into the numbers and explore what they mean for you.

New and Active Listings

July saw 65 new listings coming onto the market in Sacramento County, bringing the total number of active listings to 85. This modest increase in inventory provides some new opportunities for buyers but still reflects a relatively tight market.

Pending and Closed Sales

Despite the limited inventory, interest from buyers remains steady with 38 pending sales. The number of closed sales was 30, indicating that while transactions are occurring, the market activity is somewhat restrained compared to larger metropolitan areas.

Closed Transaction Volume

July's closed transaction volume reached $30,145,162. This figure underscores the significant financial activity within the market, though on a smaller scale compared to more populous counties.

Average Days on Market

Homes in Sacramento County spent an average of 29 days on the market before selling. This moderate pace suggests that while properties are moving, they are not flying off the shelves, allowing buyers a bit more time to make decisions.

Median Sales Price

The median sales price for homes in July was $472,500. This reflects the affordability and appeal of Sacramento County as a desirable place to live, especially when compared to the higher prices in neighboring regions.

Market Insights and Trends

Buyer’s Market or Seller’s Market?

With a relatively low number of active listings, the market still leans towards sellers, but the balanced pace indicated by the average days on market gives buyers a fair chance to negotiate. Increased inventory would be beneficial to move towards a more balanced or buyer-friendly market.

Investment Opportunities

For investors, the manageable transaction volume and stable median sales price suggest steady investment opportunities. Properties are taking nearly a month to sell, which could be advantageous for those looking to buy, renovate, and resell or lease.

Future Outlook

Looking ahead, the market's limited inventory and steady median sales price indicate continued demand. If new listings continue to rise, it could balance the market further, making it more attractive for both buyers and sellers.

Conclusion

July 2024 has been a month of steady activity for the Sacramento County real estate market. With 30 closed sales and a notable transaction volume, both buyers and sellers are actively participating in a gradually evolving market. Staying informed about these trends will help you navigate your real estate decisions effectively.

Keep an eye on future updates to stay ahead in this ever-changing market!