Anyone who has tried to buy -- or even rent a house -- in Sacramento lately knows it's not easy. Home prices in the area are at the highest level since the housing bubble in the early 2000's, and just this week a new record was broken that indicates just how high the market is going.
A $2.775 million luxury home in Arden Oaks sold on Wednesday for $651 per-square-foot -- a record high for Sacramento. According to realtor Cheryl Nightingale, who showed the home, the $600-range is still unusually high for Sacramento but is an example of how Sacramento's real estate market is on an upward trend.
The numbers prove it, too. According to real estate data company CoreLogic, the median price of a home in Sacramento County hit $357,000 in April. That's up $7,000 from March and up $40,000 from the same month last year. And the market is now showing any signs of slowing down.
"It's definitely the most competitive I've ever seen it," Nightingale said. "Right now, I'm seeing a lot of people who can suddenly be in a position to purchase a home. Interest rates are low. Job security is high. And the inventory is low."
Nightingale explained that this results in a lot of people wanting to buy the same home, increasing the price. The rising housing prices also have to do with the influx of people from the Bay Area, who are accustomed to high housing prices, moving to Sacramento.
"The million dollars has kind of become our old 700," Nightingale said. "Where it used to be where not very often that we'd see a million dollar buyer, and I feel like we are seeing them more and more."
Some of the most competitive neighborhoods right now are Arden Oaks, Sierra Oaks, and East Sacramento. In these areas, Nightingale explained, there will often be several competitive offers on one home, as well as a lot of overbidding.
Across the region, according to the data from CoreLogic, El Dorado County has the highest median homes at $485,000. Yuba County has the lowest at $276,000 over average per home.
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