Capital City – Strong Housing Market

Written By: M&M Properties - Sacramento Property Management

May 17, 2021

WHY SACRAMENTO NOW?

Strong Housing Market

  • Growth
  • Sales
  • Inventory
  • Days on Market

 

Sacramento Housing Summary M&M Properties

M&M Properties forecast for Sacramento housing is prices will continue in an upward pattern and inventory will continue to be a challenge. Investment in the Sacramento market is STRONG considering Sacramento currently is one of the hottest housing markets for 2021. Realtor.com lists Sacramento as “Strong housing market for 2021.” The Nine (9) counties of the San Francisco Bay Area are driving the market based on the “VERY” high value and low affordability within the (9) county markets.

(Per “California Association of Realtors” and “Trendgraphix” Reports)  

  • Growth +7.4%
  • Sales +7.8%
  • Inventory -65.7%
  • Average Price per square foot +24.2% 
  • Average Price for Sale & Sold +31.0%

The average rent for a 1-bedroom apartment in Sacramento, CA is currently $1,450. This is a 2% increase compared to the previous year.

Growth

Author: Izzy Greenblatt

Published: 2:13 PM PST January 5, 2021

Updated: 2:14 PM PST January 5, 2021

Credit: ABC News10 – https://www.abc10.com/article/news/local/sacramento/sacramento-area-redding-among-u-haul-top-growth-cities/103-18a0d338-7850-4ccd-bfff-96ebbfd27303

SACRAMENTO, Calif. — The Sacramento/Roseville and Redding areas were ranked near the top for growth cities according to U-Haul. 

Sacramento/Roseville ranked 11th and Redding is 16th on the list. According to U-Haul, California is the lowest state on the list in terms of growth, meaning that more people move out of the state than are moving in. Despite that, the Sacramento/Roseville area and Redding ranked within the top 25 for growth cities on the list as “popular destinations for movers aiming to stay in-state.”

Part of the growth of the Sacramento-Roseville growth comes from the Bay Area. According to U-Haul, Sacramento/Roseville, San Diego and Stockton are the top California cities people are moving to from that area. About 58% of U-Haul traffic from March through December were people leaving the Bay Area.

Cost

Author: Mark Heschmeyer
Published: 04:09 P.M.

CoStar News

In a new analysis, the National Association of Home Builders said that framing lumber now costs close to $1,200 per thousand board feet, a nearly 250% increase from April 2020. The trade group expects the price of an average single-family home will increase by $35,872, and the value of an average new multifamily unit will increase by $13,000, translating to an additional $119 of rent per month.

 

Rent Summary Sacramento, CA

Data Provided by zumper.com

 

 

Sales

 

 

Inventory

 

Days on Market

 

 

Avg. Price per Sq Ft

 

 

Projected Growth 2021

Zillow.com

 

Social and Economic Profile

Sacramento, California

Data USA Sacramento CA

Diversity

Sacramento, CA (City limits) is home to a population of 509k people, of which 89.8% are citizens. As of 2018, 22% of Sacramento, CA residents were born outside of the country (112k people).

In 2018, there were 1.63 times more White (Non-Hispanic) residents (158k people) in Sacramento, CA than any other race or ethnicity. There were 97.2k Asian (Non-Hispanic) and 66.8k White (Hispanic) residents, the second and third most common ethnic groups.

The most common foreign languages spoken in Sacramento, CA are Spanish (92,342 speakers), Chinese (Incl. Mandarin, Cantonese) (18,377 speakers), and Hmong (11,925 speakers).

Wages

$65,046            14.2%

2018 VALUE                    1 YEAR GROWTH

± $2,728                      ± 4.58%

Households in Sacramento, CA have a median annual income of $65,046, which is more than the median annual income of $61,937 across the entire United States. This is in comparison to a median income of $56,943 in 2017, which represents a 14.2% annual growth.

The following chart shows how the median household income in Sacramento, CA compares to that of its neighboring and parent geographies.

 

What are you waiting for?

Please contact us today at

 

916-500-8188

and ask for an agent that is nearest to your investment property.

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