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California

How much is a house worth in the Sacramento, California area?

Home prices are starting to rise in much of California.

Home prices are starting to rise in much of California.

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The median sale price for a single-family home increased significantly in March throughout much of California, a sign that the spring real estate season could be warming up.

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The median sale price in the state was $791,490 in March, an increase of 7.6% over the previous month, according to new data from the California Association of Realtors.

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In Sacramento County, the median sale price crept up marginally, to $500,000 from $499,000. Placer County saw a 1.1% increase in prices, El Dorado prices were up 1% and the median sale price in Yolo County jumped by 12.4%. Only a handful of counties in California saw month-over-month decreases, including Yuba, Sutter and Kern.

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Prices and home values are still down significantly over last spring, when mortgage rates were still hovering around 5% and buyers were competing for homes.

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Homes in the Sacramento region spent less time on the market in March than in February, according to CAR’s data. But in many cases, homes are taking twice as long — if not longer — to sell today than they did last year at this time.

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March saw the first statewide month-over-month price increase in seven months, CAR reported. Jordan Levine, the association’s vice president and chief economist, wrote “the market seems to have weathered more aggressive rate hikes and banking failures quite well in the last few weeks.”

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“If interest rates stabilize or even improve in the next couple of months, home sales should rise during the spring home-buying season, but tight inventory will prevent a rapid rebound,” Levine wrote on the organization’s website.

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The interactive map below shows the average home value for every ZIP code in the Sacramento region with a significant population. Home values are available for Elk Grove, Folsom, Roseville, Davis, the El Dorado County foothills and communities around Lake Tahoe.

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The data for the map is provided by Zillow, and the map will update automatically each month as new numbers become available.

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Articles related to Sacramento Bee

Ryan Lillis is responsible for housing, real estate and development for The Sacramento Bee. He’s been a journalist at The Bee since 2006, previously covering crime, City Hall, Wildfire, and the Central Valley, and serving as associate editor. A native of upstate New York, he graduated from the School of Journalism at the University of California, Berkeley.



https://www.sacbee.com/news/business/article274799701.html How much is a house worth in the Sacramento, California area?

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