Elk Grove Real Estate Market Update, May 2022

By
Real Estate Agent with eXp Realty of California, Inc. (lic. #01878277) DRE# 00949880

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

Elk Grove Real Estate Statistics for 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

Posted by

             eXp Realty of California, Inc

Raymond Henson, SRES, GRI, e-Pro

Past Client Testimonials   

3412 Babson Drive

Elk Grove, CA 95758

RayRHenson@gmail.com

916-698-8415

 

 

Comments (22)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Raymond. Numbers looking good for sellers to exit but only if they have a plan for reentry. Enjoy your day.

May 10, 2022 05:26 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Your market reports continue to get better!  Your videos are top-notch, I am sure everyone is enjoying them!

May 10, 2022 06:27 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ray, goodness that is a good-sized increase in pricing for one year!  Great market update.

May 10, 2022 07:57 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Ray and thank you for the market update in your area to share with us here in the Rain.  Make it a great day!

May 10, 2022 08:15 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Nina Hollander, Broker.  I noticed after I published that I labeled my table wrong.  I have now fixed it to show the numbers are from April.  It has been an amazing market for homeowners and those looking to sell their homes. 

May 10, 2022 08:50 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you very much, Joe Jackson.  I hope you have a fantastic week too.

May 10, 2022 08:51 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I agree, Wayne Martin.  I just met with clients yesterday looking to relocate and I made sure they new that they really needed to plan the purchase side of the relocation before they put their home on the market.  Thank you for stopping by.

May 10, 2022 08:53 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

You are too kind, Brian England.  Thank you for your positive reinforcement. 😃

May 10, 2022 08:58 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Even being a real estate agent, I really did not get the full impact of what was happening here in Elk Grove, Joan Cox, until I put my own home on the market.  It really is a fantastic market for homeowners and those looking to sell their homes.

On the other hand, it was tough hearing all of the stories from agents representing buyers and how difficult it has been for them.  Really great agents and their clients are in uncharted waters.

May 10, 2022 09:01 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning and thank you very much, Will Hamm.  I hope you have a wonderful week!

May 10, 2022 09:06 AM
Kathy Streib
Cypress, TX
Retired Home Stager/Redesign

Hi Raymond- I have to agree with Brian England your market reports continue to evolve into a very informative post!!!  Good for you for including a video. 

May 10, 2022 07:11 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you, Kathy Streib.  I will be making some more new videos soon.  I hope they evolve too. 😃

May 11, 2022 12:25 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Raymond I am so bad with Market Reports, need to take lessons from you and a handful of other AR members, hope it brings business for you, Endre

May 11, 2022 11:53 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I do not know if it brings me business, Endre Barath, Jr., but it makes me do a little homework and, when I speak with clients and potential clients, it seems to help me.  Good to hear from you!

May 12, 2022 08:50 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ray, just took my friend to the airport, and he will be going on a motorcycle trip with his buddies.  What is the gas price near you?

May 12, 2022 09:09 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Joan Cox.  If he goes someplace, like Costco, he will be paying about $5.40 or so.  I went to one neighborhood gas station that charged me over $6.00...FOR REGULAR! ! !  At least motorcycles get good gas mileage.  I hope he has a great time!

May 12, 2022 09:47 AM
Joan Cox

Thanks for this info --- and he said this morning, he gets around 40 miles to the gallon.

May 12, 2022 10:29 AM
Ray Henson

Good morning, Joan Cox.  I could use something that gets 40 miles to the gallon.  I filled up my truck this morning, $122!!!!!!!!!  Ouch!!!!!!!!!

May 13, 2022 10:44 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Congrats on getting your house on the market and pending as soon as you did, Ray! Fantastic report that will definitely make your phone ring.

May 13, 2022 08:15 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you, Wanda Kubat-Nerdin - Wanda Can! If all goes well, we will close in 10 days.

May 13, 2022 10:44 AM
Wanda Kubat-Nerdin - Wanda Can!

Crossing my fingers!

May 13, 2022 10:50 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Raymond Henson, eXp Realty - your marketing reports are outstanding! You continue to impressed me with every blog post. I wish you success, good health, and prosperity wrapped in a blanket of abundance. 

May 16, 2022 03:26 PM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I wish I had your way with words, Patricia Feager, MBA, CRS, GRI,MRP.  Thank you!

May 17, 2022 06:01 AM