SACRAMENTO MARKET UPDATE - October 2023
Prices Up 1.9%, Sales Dip Month to Month
- Median sales price increased just shy of 2% in September, to $545,000 from $535,000 in August. Year over year, median price is up by a respectable 4.8% over September 2022 when it stood at $520,000.
- The number of homes available for sale rose 7% from August to September, 1,278 to 1,368 properties. The median number of days a property was on the market before getting into contract remained at 10, down from 19 a year ago.
- Sales were down 10.1% in September; compared to last year at this time, sales are down by 22.7%.
Bottom Line:
Prices are higher than they were last year, even though they've down from the peak in May 2022. Higher interest rates have not thus far impacted prices, but they are resulting in pent-up buyer demand. I'm personally seeing buyers get ready to buy next year, when we should see more homes come on the market.