The Sacramento real estate market continues to grow tremendously over the years for good reason; it boasts social amenities such as schools and well-developed roads, and the economy is also robust. Here are a few things you need to have at the back of your mind if you’ve been considering settling or investing in the property market in Sacramento:
There has Been a Surge in the Number of People
The city is continuing to develop, and its population is 500,000 people. The surge can be greatly attributed to the affordable cost of living compared with other regions such as the Bay area.
Moreover, the pandemic has also accelerated migration to the city. Most companies have adopted the work-from-home policy, meaning you can work wherever as long as you have access to the internet. This is the complete opposite in other counties, which have seen people migrate to other less populated areas.
Here are a few reasons that may explain the surge into Sacramento:
- It’s strategically located and is only a two-hour drive from office spaces, which are mostly located in the neighboring San Jose and San Francisco counties.
- Developed infrastructure, in particular schools, and most residents boast of a college education.
- There are many employment opportunities.
- The low cost of living coupled with relatively good income makes it an employment magnet.
- House prices are relatively lower compared to other neighboring counties.
What’s the Average Price of a House in Sacramento?
As of January 2022, the average single-family homes in Sacramento ranged from $522,000 to 572,000, while the average price per square foot was $400.
Should you Invest in Foreclosure Homes in Sacramento?
Foreclosure homes in Sacramento tend to maintain a downward trend in Sacramento over the years. The only exception was the period when the Covid-19 pandemic. Now that it seems like the worst of the pandemic is in the past, it’s expected for business to return as usual.
What’s the Sacramento Property Market Outlook?
The future is bright. House prices are expected to rise based on past statistics. Why is this? Despite attracting a lot of investors and individual buyers alike, there’s still an imbalance between demand and supply in the property market in Sacramento.
If you’ve been considering purchasing a property in Sacramento, there’s no time like the present before mortgages rise. Contact us for a list of the available real estate properties in Sacramento.