Sacramento County Housing Market Summary July 2023
Discover what's trending with this Sacramento County Housing Market for July 2023. 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 July 2023
July 2023 was a Seller's market! The number of for sale listings was down 58.7% from one year earlier and up 5.6% from the previous month. The number of sold listings decreased 20.8% year over year and decreased 9.2% month over month. The number of under contract listings was down 1.2% compared to previous month and down 11% compared to previous year. The Months of Inventory based on Closed Sales was 1.3, down 45.5% from the previous year.
Homes For Sale in July 2023
Current Inventory (For Sale) Versus last year, the total number of properties available this month was lower by 1,547 units of 58.7%. 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 up 5.6% 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 July 2023
The July 2023 Months of Inventory based on Closed Sales of 1.3 was decreased by 45.5% compared to last year and up 18.4% compared to last month. July 2023 was Seller's market.
Homes Placed under Contract in July 2023
The July 2023 Months of Inventory based on Pended Sales of 1.1 was decreased by 56.8% compared to last year and the same compared to last month. July 2023 was Seller's market.
The Days on Market Shows Downward Trend for July 2023
The Average For Sale Price was Neutral* The Average For Sale Price in July was $762,000, up 16.5% from $662,000 in July of 2022 and down 3.2% from $787,000 last month.
The Average Sold Price was Neutral* The Average Sold Price in July was $601,000, up 0.8% from $609,000 in July of 2022 and down 0.3% from $603,000 last month.
The Median Sold Price was Appreciating* The Median Sold Price in July was $547,000, down 0.5% from $550,000 in July of 2022 and up 3.2% from $530,000 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!