Sacramento CA Newest Real Estate Listings | Zillow (2024)

FAQs

Are housing prices dropping in Sacramento? ›

Sacramento Housing Market Forecast

While the median house price went down by 7.5% in May 2023 compared to last year, experts forecast that prices will increase, given the competitiveness of the market. A big reason for Sacramento's popularity is because it remains cheaper than neighbors like San Francisco and San Jose.

The top five Californian metros include Oxnard, San Diego, Riverside, Bakersfield, and Los Angeles. These five metros are expected to have sales growth of 13.1%, on average, in 2024, compared to an average decline of 4.1% for other Californian metros in the largest 100 list.”

The cost of living in Sacramento, CA is 14% lower than the state average and 20% higher than the national average. Sacramento, CA housing is 42% more expensive than the U.S average, while utilities are about 12% pricier.

Market experts stress that Sacramento real estate is still a good bet. The region remains affordable compared to California's coastal regions; the median sale price in Sacramento County in November was less than half what it was in the Bay Area.

Sacramento Housing Market Trends

In July 2024, Sacramento home prices were up 1.8% compared to last year, selling for a median price of $508K. On average, homes in Sacramento sell after 17 days on the market compared to 10 days last year.

Population trends

Among 95820 residents, there is a homeowner vacancy rate of 1.3% and a rental vacancy rate of 5.0% from a total of 13,480 units.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.

Median Days on Market (DOM)

The current median DOM in California is 27 days. This is lower compared to many other states, and it's well-known that California has been a market that typically favors sellers for years.

As of Aug 30, 2024, the average annual pay for a Wealthy in Sacramento is $68,848 a year. Just in case you need a simple salary calculator, that works out to be approximately $33.10 an hour. This is the equivalent of $1,324/week or $5,737/month.

Another option is to use the “living wage” calculation made available by researchers at MIT. According to their data, a single adult would need to earn $25.93 an hour in order to live in Sacramento (or $53,930 a year before taxes).

What is the cheapest area of Sacramento to live in? ›

East Sacramento

Not only is it one of the safest neighborhoods in Sacramento, but it's also highly walkable with hip coffee shops, boutiques, and lots of green spaces just minutes away.

Med Center. With a median home price of $679,426 and a median rent of $1,282, Med Center is the most expensive neighborhood on our list. Based on the growth in home prices in Med Center over the last 3 years, it ranks No. 1 among all the neighborhoods in Sacramento.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.

Oakland led Zumper's list of annual rent declines in California cities, with the cost to rent for a one-bedroom unit in the Bay Area community down 9.1% in 2024 compared to the past year. Sacramento took second place with a decrease of 8.1%, followed by Los Angeles in third place with 5%.

This up-and-coming city is certainly on the rise, and people are moving from all over the bay area to make a life for themselves in this newly thriving community. But it wasn't always this way. Many factors have come into play in recent years that made Sacramento such an enticing option.

The down payment on a house in Sacramento depends on the type of mortgage you choose. For a conventional loan, you have to put down 20%, whereas for FHA loans you have to put 3.5% money down.