East Sacramento has long been one of the most desirable neighborhoods in the Greater Sacramento area. Despite rising costs, East Sacramento is a popular neighborhood for home buyers because of its prime location, charming old buildings, tree-lined streets, top-notch schools, and abundant cultural attractions. East Sacramento CA real estate agent Justin Vierra takes an in-depth look at the current state of East Sacramento’s real estate market.
Red-hot sales pace
The pace of sales in East Sacramento over the last year has been nothing short of blistering. The combination of extremely low inventory and excessive buyer demand continues to fuel bidding wars on most homes that hit the market. According to the Sacramento Association of Realtors, the median number of days on the market for East Sacramento properties has dropped to 8, marking an incredibly quick sales pace. Buyers remain highly motivated to purchase homes in this popular central city location.
Homes for sale in East Sacramento: Skyrocketing prices
East Sacramento has seen median sales prices skyrocket over the past year due to wildly competitive bidding. This month’s median sales price for East Sacramento real estate is $615,000, representing a substantial 18% year-over-year increase. Experts in the field predict that double-digit price increases will persist, further pressuring buyers with more limited funds, as there is no indication that buyer desire is decreasing.
Slim pickings on inventory
The intensely competitive demand among home buyers hoping to purchase in East Sacramento has further constrained the area’s tight inventory. Active listings typically spend mere days on the market before going pending. This leaves very few homes for buyers to choose from at any given time. This shortage of homes for sale intensifies bidding wars when any moderately desirable home hits the market. Low inventory will continue to be a major factor influencing East Sacramento’s housing market until more homeowners put their homes up for sale.
Increasing share of cash buyers
Cash buyers have been a growing percentage of home buyers in East Sacramento over the past few months due to the area’s rapidly rising prices. Redfin data shows that 58% of East Sacramento home sales in the most recent quarter were cash-only transactions. Cash offers tend to be stronger, allowing buyers to meet asking prices while waving appraisal and financing contingencies more easily. This trend of cash being king likely exacerbates competition and pricing for the many buyers still needing a mortgage to buy into this coveted area.
Living in East Sacramento
East Sacramento is considered one of the most sought-after central city neighborhoods for a good reason. Majestic tree canopies shade the quiet streets filled with historic homes and charming architecture spanning Victorian to Craftsmen and Tudor styles. Excellent schools, parks, the best dining and shopping in the city, farmers markets, and cultural attractions provide walkable access thanks to its central location. Neighbors are friendly, community events are plentiful year-round, and residents take great pride in their properties and local heritage. For buyers who can manage East Sacramento’s high prices, living here positions residents in the heart of Sacramento and its rich history.
