Sacramento house prices are expected to rise further this year, according to realtors. In 2021, the Sacramento–Roseville–Arden-Arcade, Calif., metro area is expected to have the nation's hottest housing market. According to Realtor.com, the Sacramento metro area will have the strongest housing market in 2021, owing to a rush of buyers fleeing the ultra-expensive Bay Area in search of more reasonably priced homes.
Sacramento home price is forecasted to grow by 7.4% and home sales are expected to grow by 17.2% in 2021. Tight supply and strong demand are boosting home prices in the Sacramento housing market making it strongly skewed to sellers. In August 2o21, the home prices of existing single-family homes in Sacramento County increased by 21.2% to $515,000 while sales declined slightly by -1.2% on a year-over-year basis, according to the most recent report released by the California Association of Realtors.
Due to the short supply of available properties, Sacramento is going to continue feeling a lot of pressure on the listings in the form of multiple offers from buyers. This has led to Sacramento being a sellers’ real estate market, forcing buyers into fierce competition with one another. According to C.A.R., the unsold inventory in the county is 1.7 months. It shows the amount of time (in months) it would take for the current rate of sales to deplete the total active listings.