Elk Grove Market Update for Elk Grove
Year in Review
It turned out to be a very good year for homeowners and home sellers in Elk Grove this last year. Median prices went up 30%, year over year. It is interesting to note that in the last seven months preceding December, the median price had not changed that much. It remained, on average, at $602,000. The median price took a sizable jump in December to $640,000. It looks like the spring buying season might be starting early this year.
How did each zip code fair in Elk Grove last year?
It has been a few months since I have reported on each zip code in Elk Grove. So which area saw the best price appreciation. It was close, but 95757 came in number one with 31% growth in the median price of homes. 95758 was second with 30% growth and 95624 was a very close third at 28% growth.
How did Laguna West, Lakeside and Stonelake do?
I have lived in the Laguna West-Lakeside area since 2000 so I like to review those areas every so often. They are smaller areas so I took a rolling average of the last three months of 2020 and compared that number to the average of the last three months of 2021. The median price growth was impressive, but not as good as the whole of Elk Grove. Laguna West Median price rose 22%, Lakeside 20% and Stonelake grew 22.6%. I am sure that taking the rolling average of the last three months toned the growth down a bit.
Be prepared for another challenging year. The factors are still in place that we faced at the beginning of last year. There is very little inventory and interest rates are still historically low. Currently, there are 55 homes available to purchase in Elk Grove. The median price of those homes is $679,000. The lowest priced home is $390,000 and the highest checks in at $1,175,000 (it has been on the market for 159 days). There is a chance interest rates rise. In the long run, this could slow the real estate market down, but if the rates move up slowly, it could drive more buyers into the market to beat the next rate increase.
It looks like it will be another good year for you just make sure to spruce up the house and price according to the market. There are several houses on the market now that been on the market for quite some time. Buyers are still being aggressive, but they do have their limits.
The Most Aggressive Housing Market Ever? by Ryan Lundquist.
Spectacular Recent Sunset At Oasis Park in Elk Grove
Sunrise at Lawrence Park
Rare Seasonal Falls in Elk Grove