June 2024 Sacramento Housing Market Update | A Seller's Market

June 2024 Sacramento Housing Market Update | A Seller's Market

As we move into the latter half of 2024, the Sacramento real estate market continues to exhibit intriguing dynamics. According to the latest data from the Sacramento Association of Realtors, June 2024 was notably a seller's market, characterized by rising inventory levels and stable pricing trends. Here’s a comprehensive overview of what transpired and what you can expect moving forward.

Key Market Trends

Increased Inventory | June 2024 saw a significant increase in the number of properties for sale, up 55.9% from the same month last year and 9.8% higher than May 2024. This uptick in inventory provides buyers with more options, making it a favorable time to explore the market.

Fluctuating Sales | While the number of available listings rose, the number of sold properties decreased by 6.8% year-over-year and 15.5% month-over-month. This trend suggests a slight cooling in buyer activity, which could be attributed to various economic factors or the seasonal nature of the market.

Stable Pricing | The median sold price remained consistent with the previous month, indicating a neutral trend in pricing. However, the average sold price per square footage decreased by 1.4% compared to May 2024 but increased by 1.2% from June 2023, reflecting a stable yet competitive market environment.

Real Estate Insights

Neutral Market Indicators | The average days on market (DOM) for properties rose to 23 days, up from 17 days in June 2023, showing a 35.3% increase. This neutral trend in DOM suggests a balanced market where homes are neither selling too quickly nor languishing.

Seller's Advantage | With a months of inventory based on closed sales at 1.8, up 65.1% from last year, the market remains in favor of sellers. A lower months of inventory figure indicates that demand is still relatively strong compared to supply, although the increase suggests a slight shift towards a more balanced market.

Price Trends | The average sold price in June 2024 was $616,000, a 2.3% increase from June 2023 but a slight 1.3% decrease from the previous month. The ratio of sold price to original list price stood at 99%, down 1% from both the previous month and year, highlighting a competitive but not overly aggressive market.

All City Homes Perspective

At All City Homes, we understand the intricacies of the Sacramento real estate market. Our agents are committed to providing you with the best insights and guidance, whether you're looking to buy, sell, or invest. We emphasize a client-centric approach, ensuring that your needs are met with the utmost professionalism and expertise. Our knowledge of local trends and dedication to community values sets us apart, making us your ideal partner in navigating this evolving market.

Conclusion

The Sacramento housing market in June 2024 presented a unique blend of increased inventory and stable pricing, creating a dynamic environment for both buyers and sellers. As we progress into the Fall season, staying informed about market trends will be crucial for making well-informed real estate decisions. Trust All City Homes to guide you through these changes and help you achieve your real estate goals.