Thoughts for the 2021 Real Estate Market

The Sacramento region, along with the majority of the state, experienced a very heated real estate market throughout 2020. When pandemic shutdowns were first put into place back in March of 2020, sales screeched to a very sudden stop and sincere concern swept the real estate community. That lasted roughly 2 weeks. What followed was a real estate landscape that was flooded with buyers and starved of sellers. Competition was high, interest rates were low, and prices went higher and higher.

Area appraiser and market trend specialist, Ryan Lundquist, posted his year-in-review blog and in it he shared the nuts and bolts of what the broad Sacramento market experienced. Ryan is a great writer and I encourage you to check out his blog at Sacramento Appraisal Blog. The very boiled down version of his look back on 2020 is that sales prices were up 9% for the region (Sacramento, Placer, Yolo, and El Dorado Counties) and houses were selling 44% faster than the year before. If you’re a buyer that has been trying to find your dream home, you’ve experienced what these numbers feel like first hand. If you’re a buyer getting ready to begin your home search, know that while the market has been tough but it has not been impossible.

Will that trend continue into 2021? Most forecasts predict that it will. You may have seen a lot of shares on Facebook of the Realtor.com article predicting that Sacramento will be the hottest market in the nation through 2021. For buyers, that news is daunting.

Feel free to reach out to me via email, text, or phone with any real estate questions you may have. I wish you and your loved ones a very Happy New Year.