August 2024 Sacramento Housing Market Report | A Seller’s Market Continues

Past Market Updates

August 2024 was a dynamic month for the Sacramento housing market, continuing the trend of a seller's market. The number of properties for sale increased by a notable 58% compared to August 2023 and saw an 8.5% rise from the previous month. This expanding inventory provides potential buyers with more options, although the market remains competitive.

Property sales slightly increased by 0.8% year-over-year but experienced a 5.8% decline from July 2024. Pended sales, however, rose by 12.3% compared to last year, suggesting steady buyer interest despite higher inventory levels.

In terms of pricing, the median sales price and the average price per square foot both remained relatively stable. The average sold price per square foot saw a modest year-over-year increase of 1.8%, reflecting Sacramento’s steady property value growth. However, compared to July, prices saw a slight dip, indicating a neutral pricing trend for the region.

Homes spent an average of 24 days on the market, marking a slight increase of 14.3% from last year. This extended time on the market signals a shift towards more balanced conditions, though sellers continue to hold an advantage. The ratio of sold price to original list price was at 98%, down 1% from last year, showing a slight softening in seller power.

For those navigating the market, the overall outlook remains positive with more choices available for buyers while sellers continue to benefit from steady demand.

The data for this blog post was sourced from the Sacramento Association of REALTORS®' August 2024 Housing Statistics. You can find the full report here