There has been a lot of discussion regarding higher interest rates slowing the real estate market. I just do not see the evidence of it in the Elk Grove Market.
Elk Grove, April 2022
The median and average prices are up just over 23% for the year. The median price is up from $644,000 in April or 6.3%. The average price is up from $685,879 or 2.5%. Either way, that is a big increase in pricing for one month. As you can see, continuous days on market has changed a bit and buyers are not paying quite as much over asking price as last year.
I did put my house on the market last week. It went on the market on Friday and it went pending on Monday. Houses are still selling quickly. I do not think what we are seeing is surprising. When interest rates start rising, many times it spurs buyers to enter the market even quicker because they want to purchase their homes before rates climb even higher. If rates continue to climb, though, buyers might start to be priced out of the market and house prices could stop rising or even drop. We just are not there yet in Elk Grove. Prices are still rising.
As of today, we have 124 homes on .5 acres or less available for sale, ranging in price from $465,000 to $1,415,000. The higher priced home is located in the Laguna Woods neighborhood. It is one of my favorite neighborhoods in Elk Grove and where I had my first job right out of college. I was on the painting crew that originally painted most of the homes in the neighborhood. They were built well and this house was one of the custom homes built in the neighborhood. It is beautiful. Take a look at it on Realtor.com, 5081 Willow Vale Way.
The lower priced home is an older home on the East side of Highway 99. It is a much smaller home, but very nice, especially inside. Take a look at it on Realtor.com, 9272 Egret Drive.
There are many different types of neighborhood in Elk Grove that offer buyers all kinds of choices. There are newer neighborhoods still being built with the opportunity to purchase brand new houses and much older neighborhoods offering more traditional choices. If you prefer condominiums, Elk Grove has plenty to offer. If you are looking for a 55+ neighborhood, Elk Grove offers two wonderful neighborhoods. If you are looking for a home on the lake, we have those too. If you need help finding just the right home, I would be glad to help.
5 Reasons to Move to Elk Grove
Comments(22)