Sacramento Real Estate Statistics 2022-2021
- 1: Single-family homes surpassed $500,000 in October
- 2: New listings remained under 2,000 for the second year
- 3: Median one bedroom rent price in June was $1,420
- 4: Redfin ranks Sacramento #14 in America for expected growth
- 5: As 2022 opened, the median home price was $343,959
- 6: Sacramento’s metro population now exceeds 2 million
- 7: The area’s home values increased 22.4 percent in 2021
- 8: November inventory was up 3.8 percent from 2020
1. Single-family homes increased in value by 15.9 percent to $510,000 in October. This average fell 6.8 percent from the previous October, according to the California Association of Realtors. Home prices often fall off at the end of the year due to less demand, making it a good time for bargain hunting. In November 2021 the median price fell to $440,000, which was an increase in 17 percent from the previous November. Some of the hotbeds for growth the past year were the Arden-Arcade and Roseville neighborhood communities. Rising prices of this seller’s market can be attributed to both tight supply and strong demand. Home buyers in 2022 can expect continued pressure from multiple offers that drive up selling prices.
2. In 2021 new active home listings remained under 2,000 for the second year in a row. In 2019 new listings were above 3,000 and in the prior year were about 4,000. The trend for homes, not including condos, indicates the impact of the pandemic reduced the number of homes on the market. But listing trends also followed regular up and down cycles in which there’s typically growth in the first half of the year then a tapering-off effect in the second half.
3. In mid-year 2021 Zumper reported Sacramento’s median rent price was $1,420 for a one bedroom apartment. Although Sacramento is one of California’s top 10 most-populated cities, it ranks #22 in the state for average rent price. Year-over-year this average was up 9.2 percent. By contrast, rents dropped in the higher rent cities of San Francisco, San Jose and Oakland. It’s no secret many people are leaving California seeking a more affordable cost of living. For a two bedroom rental in “The River City,” the median price was $1,770 in June 2021.
4. Sacramento made national real estate brokerage Redfin’s top 15 in the country for expected 2022 growth. The “Capital City” was one of 5 cities on the list from the Golden State. Redfin projected the market’s home prices will rise 18.7 percent by the end of 2022. According to the broker reports that Sacramento’s home price-to-income ratio is 6.73X. Over 60 percent of today’s buyers have been making offers on homes without visiting the properties.
5. At the start of 2022 the median home price in Sacramento was $343,959, according to Wallet Investor. In the 7 years leading up to the pandemic, prices surged from around $150,000 in 2012 to $300,000 in 2017 and peaked over $350,000 in 2020, beating forecasts, shortly after the Covid-19 outbreak. For the next year the price hovered around $340,000. Keep in mind the average price per square foot is $191. The median price is expected to reach $384,190 by 2027 and $424,383 in 2032. According to Fortune Builders, Sacramento owes its market growth to its affordability relative to more expensive nearby successful markets San Francisco and San Jose.
6. The metro population of Sacramento is 2,186,000 according to United Nations data. Growth jumped 1.44 percent from the previous year and up nearly 100,000 from 2020 to 2022. Combined with Folsom and Roseville, the Sacramento metro ranks number 26 in the U.S. in terms of population. It’s slightly more populated than Las Vegas but slightly less than Portland, Oregon. From 2010 to 2020 the metro population grew 11.55 percent. Throughout most of the first few decades of this century, the Sacramento metro growth rate was consistently about 2 percent. But from 2019 through 2021 the growth rate slowed to under this rate with a projected growth rate of 1.44 percent for 2022, according to Macrotrends.
7. The average Sacramento area home value has gone up 22.4 percent the past year. Zillow reported in January 2022 the typical home value of homes in Sacramento is $472,661. This seasonally-adjusted value focuses just on the middle price tier of homes. This tier gives you a clearer perspective on the more affordable range of homes for the average home buyer. It excludes the low-end fixer-uppers and high-end estates. While different real estate sources give different metrics and figures on home buying, Zillow’s valuation for Sacramento’s typical homes gives you a frame of reference for the price range that’s driving increasing sales.
8. November 2021 inventory was up 3.8 percent from November 2020. The Sacramento Association of Realtors reported a total of one month of inventory with 1,526 homes for sale and 1,579 homes sold. The price range with the highest months of inventory (4.0) reflected homes priced under $200,000. The next highest months of inventory (1.9) was found in the $1 million and over price range. Months of inventory (MOI) is a useful metric that combines the pace of sales activity with the number of properties for sale. It’s calculated by dividing the number of units sold per month by the total number of units for sale at the end of the month. Learning this type of real estate jargon can help you gain a better understanding of the housing market.