Leave a Message

Thank you for your message. We will be in touch with you shortly.

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

Past Market Updates

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®.

 


Recent Blog Posts

Stay up to date on the latest real estate trends.

Home Tips

The Ultimate Guide to Accessory Dwelling Units (ADUs) for Sacramento Homeowners

Understanding the Benefits, Approval Process, Costs, and ROI of ADUs

Buyer & Seller Series

Celebrate 4th of July | Embracing Homeownership in Sacramento

Discover how the spirit of Independence Day can inspire your journey towards homeownership with insights from Sacramento real estate experts.

Buyer & Seller Series

Refinancing Your Home in California | A Step-by-Step Guide

Everything You Need to Know About Refinancing to Save Money on Your Mortgage

How to Beat the Summer Heat | Tips and Local Hotspots in Sacramento

Stay Cool and Save Money with These Summer Strategies

Past Market Updates

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

A Comprehensive Analysis of Key Market Indicators, Sales Trends, and Price Movements in Sacramento's Real Estate

Buyer & Seller Series

Why Choosing the Right Sacramento Real Estate Agent Matters

Exceptional Service, Top Dollar, and Comprehensive Support for Your Real Estate Needs

Buyer & Seller Series

HUD Good Neighbor Program | Supporting Sacramento Homes and Real Estate Agents

Explore the HUD Good Neighbor Next Door program and its impact on the Sacramento homes market. Understand how real estate agents play a crucial role in helping communi… Read more

Buyer & Seller Series

Discover Sacramento | Your Guide to a Seamless Move to the Heart of California

Explore the Benefits of Living in Sacramento and How All City Homes Can Help You Transition Smoothly

Buyer & Seller Series

What Happens When Your Home Offer Gets Accepted? A Complete Guide for Sacramento Home Buyers

From Earnest Money to Closing: Navigate the Post-Acceptance Process with Confidence

Work With Us

Allow All City Homes to manage every aspect of your home buying and selling experiences. Our agents ensure transparency, empowerment, and assurance throughout the entirety of your real estate journey, supporting you at each stage.

Follow Us On Instagram