April 2024 Sacramento Housing Market Trends: What Buyers and Sellers Need to Know

The Sacramento housing market showed a significant shift towards a seller's market in April 2024. Here's a detailed look at the trends and what they mean for buyers and sellers in the region.

Key Highlights

Increased Property Sales

• April saw a 7.4% increase in property sales compared to the same month last year, with 888 properties sold. This is also a 9.4% increase from March 2024.

Rising Inventory Levels

• The total number of properties available for sale increased by 47.6% compared to last year, offering more options for buyers. Inventory levels also rose by 14.2% from the previous month.

Higher Pended Properties

• There was a 10.8% increase in properties under contract, indicating strong buyer activity. This is a 13.4% increase from April 2023.

Price Per Square Foot

• The average sold price per square foot remained stable, slightly down by 0.6% from the previous month but up 3.3% from last year, at $341.

Reduced Days on Market

• The average days on market dropped significantly to 18 days, a 30.8% decrease from March 2024 and a 48.6% decrease from April 2023, reflecting faster sales.

Price Trends

• The average sold price in April was $600,000, a 4.2% increase from the previous year.
• The median sold price also increased by 6.8% from last year, maintaining stability month-over-month at $550,000.

Market Implications

For buyers, the increase in inventory provides more choices, but the rapid sales and rising prices indicate a competitive market. Acting quickly and making strong offers is crucial.

For sellers, the reduced days on market and higher selling prices present an excellent opportunity to sell properties swiftly and at favorable prices.

Conclusion

April 2024's housing statistics illustrate a robust and competitive market in Sacramento, favoring sellers. However, increased inventory offers some relief for buyers, though they must navigate the competitive landscape carefully.

Content and statistics sourced from the Sacramento Association of REALTORS®. For more detailed information, please visit the Sacramento Association of REALTORS® April 2024 Housing Statistics.

Image courtesy of the Sacramento Association of REALTORS®.