There's a good reason why over half a million people live in Sacramento. The city offers many of the joys of California, like warm weather and access to incredible food. However, unlike parts of Southern California, the state capital also has access to a fantastic business district and outdoor activities.
If you're considering moving to Sacramento, you're likely wondering what the real estate market is like. In this guide, we'll break down the current state of housing market trends in the California state capital.
That way, you can decide whether purchasing a house or renting in the city is the best option for your unique needs.
Sacramento House Prices Are Down
In many parts of the country, the price of real estate continues to rise year after year. However, Sacramento, at least for the time being, is immune to this. In 2022 last year, there was a decrease in the overall median home price.
And into this year, that figure remains flat. While this might not be the best news for home sellers, it's great news for buyers. If you're looking to purchase property in the city, now is the time to do it.
There's a Large Demand for Rental Properties
If you're looking to rent in Sacramento, you won't have as easy of a time as buying. For one thing, there's simply not enough supply to support the rental demand currently being placed on the city.
This has led rent prices to skyrocket. You can still find good rental properties in Sacramento, but you're going to need to pay more. However, this does represent a potentially lucrative opportunity for people interested in renting out their property.
Builder Confidence is Low
Homebuilder confidence in the Sacramento residential real estate market is currently at low levels. So if you're interested in property, you'll need to go with the real estate that's already been built.
The good news is that builder confidence in commercial Sacramento real estate in the city is still high.
How a Property Management Company Can Help You Navigate the Market
You might be interested in the housing market outlook for a variety of reasons. Maybe you're interested in buying up property as an investment to rent to individuals.
Or you might want to find a house to make it permanent. It doesn't matter if you're looking to rent or buy, a property management company can help you. Businesses like PMI American River will help you find the perfect property for your specific needs.
If you want to rent it to tenants, we can help with that too. We take all the stress out of California real estate so you can focus.
Need Help With Sacramento Real Estate? Contact PMI American River
We hope this guide helped you learn more about the Sacramento real estate market. As you can see, there's a lot of potential for homebuyers in the city. However, options are more limited for rentals.
That is unless you go with a property management company like PMI American River. We manage a huge variety of great Sacramento real estate rentals. If you want to learn more about our selection or schedule a tour, then contact us today.