PHOTOS FROM 123RF
Sacramento Market Overview By Serina Lowden
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acramento’s real estate market has continued to grow at a high rate with an increase in home values, making the houses more expensive. Limited inventory has made Sacramento real estate remain competitive as buyers try to purchase a house in the market. The 2020 metro area of Sacramento Rose Arden- arcade was ranked in the 5th position in the US. The latest report shows that the median home price has moved up by 8% in the past years in the Sacramento market. 11.7% increase in rent has been recorded, indicating that the rental market is growing at a high pace. Home value increase has resulted in high demand for houses in Sacramento real estate, increasing home prices. In Sacramento, $475136 is the average price of a home, and the median home is 48.1% more
than the national average. The same median home in California is $734612 higher than in Sacramento. With this price difference, most buyers prefer to buy a home in Sacramento, which is affordable to many. However, Sacramento’s median home price has increased by 20.9% since last year despite the relatively affordable price, which is much more profitable to sellers. MARKET TREND ON SACRAMENTO REAL ESTATE Covid 19 has largely affected Sacramento real estate market, where most people lost their job, and their financial income was reduced. When the pandemic popped in the country, the rate people were buying a home in Sacramento reduced due to unemployment. This made the Fed drop the interest rate to 3. 45% which is a JUNE 2022 | 83
