Roseville Area Local Housing Market Update: Looking Ahead to 2023
Do you expect a rebound with stability and growth in the future?
Roseville, Calif. — The local housing market in Sacramento and Roseville is cooling, but it’s far from crashing in 2007 and 2008, and there’s no indication it will drop to those levels.
Our local housing market has performed well in the past year as we have seen many buyers in the Bar area turning this route to find affordable homes. According to some, home prices in Sacramento are expected to decline by 0.02% between now and October 2023. Clearly, higher mortgage rates have had an impact. The number of homes sold is down compared to last year.
Inventory and prices
According to the California Association of Realtors, the median existing price of single-family homes in Sacramento County rose 0.5 percent to $512,500 by October, while sales fell 43.9 percent. According to the latest report from California Association of Realtors. The median home price in Sacramento decreased 1.4 percent, and sales were down 19.2 percent from the previous month. According to CAR, the county’s unsold inventory is 2.9 months.
As we look forward to 2022, the outlook is good. Sales volume and prices were expected to exceed 2021 by more than 10 percent. Rapidly increasing mortgage rates are transforming all housing markets.
Predictions for 2023
In the past 10 years, Sacramento has seen some of the highest home appreciation rates of any community in the country. I don’t expect double-digit growth, but I do see our housing market rebounding from the interest rate shock, stabilizing and growing in the latter half of the year.
If you have any questions about buying or selling a home in the current market, feel free to reach out to me at Magnum One Realty Office in Roseville at (916) 899-6571 by email to [email protected]. I will be happy to answer your questions.
We specialize in catering to buyers and sellers of homes in the Sacramento area including Sacramento, Placer, El Dorado, Sutter, and Yuba counties.