Discover what's trending with this Sacramento County Housing Market for February 2024. This report is provided to you by Team Lund Real Estate. We're happy to be your go-to source for how many listings are hitting the market, how long houses are staying on the market before selling, and what the median home values were in Sacramento last month!
Sacramento County Housing Market Trends February 2024
February 2024 was a Seller's market! The number of for sale listings was down 2.2% from one year earlier and the same from the previous month. The number of sold listings decreased 2.3% year over year and increased 12% month over month. The number of under-contract listings was up 7.6% compared to previous month and down 1.8% compared to previous year. The Months of Inventory based on Closed Sales was 1.3, the same as the previous year.
Homes For Sale in February 2024
Current Inventory (For Sale) Versus last year, the total number of properties available this month was lower by 20 units of 2.2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory was the same as the previous month.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Homes Closed in February 2024
The February 2024 Months of Inventory based on Closed Sales of 1.3 was the same compared to last year and down 6.9% compared to last month. February 2024 was Seller's market.
Homes Placed under Contract in February 2024
The February 2024 Months of Inventory based on Pended Sales of 1.1 was the same compared to last year and down 8.7% compared to last month. February 2024 was Seller's market.
The Days on Market Shows Neutral Trend for February 2024
The Average For Sale Price was Appreciating* The Average For Sale Price in February was $770,000, up 6.5% from $723,000 in February of 2023 and up 1.4% from $759,000 last month.
The Average Sold Price was Neutral* The Average Sold Price in February was $594,000, up 12.3% from $539,000 in February of 2023 and up 4.2% from $570,000 last month.
The Median Sold Price was Neutral* The Median Sold Price in February was $530,000, up 6.2% from $499,000 in February of 2023 and up 2.9% from $515,000 last month.
* Based on 6-month trend – Appreciating/Depreciating/Neutral
What does all of this mean for you?
At Team Lund, we understand that buying or selling your home can be one of the biggest decisions you make. We want to provide you with the best, most relevant information to assist you in your journey.
Reach out to us with any questions and we will guide you through every step and help you sell or buy a home that meets your needs while being competitive in today’s market. If you want trends for Placer County or El Dorado County or your specific zipcode or city, we'd be happy to send them to you. Just let us know!