Housing markets are booming following the pandemic. The positive housing market is a blessing for homeowners looking to sell, but a struggle for those seeking homes for sale in Elk Grove, CA. New property listings and pending homes for sale in Elk Grove, CA went up by almost 25% from May 2020 to May 2021. However, due to increased demand, the overall available inventory has gone down. The available inventory dropped by 62.6% since May 2020, resulting in just 73 homes for sale in May of this year. The rising housing market has also caused the median sale price of Elk Grove homes to go up by 36.4%.
Compared to the median sale price of $440,000 in May last year, houses cost an average of $598,000 in June of this year. Although houses have generally been selling for 6.5% more than the asking price in Elk Grove, this is actually a much lower percentage than other popular or attractive neighborhoods in California.
With such high housing prices, it may be tempting to wait until the housing market stabilizes before buying since experts predict that home buying will slow down and that available inventory will go up. The only problem with this line of thinking is that someone may swoop in and buy your ideal home while you wait. Start looking now for your dream real estate!