Discover what's trending with this Sacramento County Housing Market for January 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 January 2024
January 2024 was a Seller's market! The number of for sale listings was down 21.4% from one year earlier and down 7.4% from the previous month. The number of sold listings increased 4.1% year over year and decreased 14% month over month. The number of under-contract listings was up 29.3% compared to previous month and up 13.8% compared to previous year. The Months of Inventory based on Closed Sales was 1.5, down 25% from the previous year.
Homes For Sale in January 2024
Current Inventory (For Sale) Versus last year, the total number of properties available this month was lower by 239 units of 21.4%. 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 down 7.4% compared to 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 January 2024
The January 2024 Months of Inventory based on Closed Sales of 1.5 was decreased by 25% compared to last year and up 7.1% compared to last month. January 2024 was Seller's market.
Homes Placed under Contract in January 2024
The January 2024 Months of Inventory based on Pended Sales of 1.1 was decreased by 31% compared to last year and down 32.2% compared to last month. January 2024 was Seller's market.
The Days on Market Shows Upward Trend for January 2024
The Average For Sale Price was Neutral* The Average For Sale Price in January was $759,000, up 12.3% from $676,000 in January of 2023 and up 4.5% from $726,000 last month.
The Average Sold Price was Neutral* The Average Sold Price in Januarywas $566,000, up 5% from $539,000 in January of 2023 and up 0.5% from $563,000 last month.
The Median Sold Price was Depreciating* The Median Sold Price in January was $515,000, up 3.2% from $499,000 in January of 2023 and down 3.7% from $535,000 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!