Elk Grove is a diverse city of over 170,000 residents just South of Sacramento. It has neighborhoods that vary in age with most of the older neighborhoods East of Highway 99. The community has over 70 parks and many walkways throughout the city. We are also fortunate to have Cosumnes River Preserve and the Stonelake Refuge just on our boundaries. We have really enjoyed making Elk Grove our home since 1999. (My friends reasons for loving Elk Grove)
Elk Grove has had a very healthy real estate market over the last year. Average prices are up 16.5% from December. Home owners are happy. It has been a very difficult year for home buyers, though. There has been a lot of competition for the few homes that are available. We have less than a two week inventory of homes available. For context, a balanced market between buyers and sellers is generally considered three months so we have a very limited supply.
Sellers have been able to get 102.7% of their listing price. There have been 27 homes sold for less than their original sales price so sellers still need to price according to recent sales in their neighborhood.
With the pandemic continuing and interest rates so low, our market is likely not going to change for some time. My guess is that as the Covid vaccines are administered homeowners will become more comfortable with listing their homes again. Hopefully, that will create a more reasonable supply of listings again and a more balanced market.
If you need assistance either purchasing or selling a home, feel free to call me with any of your questions. I would be glad to help.
View Homes in Elk Grove, 55+ communities (if currently available)