‘23 Market Recap & ‘24 Market Watch

2023 was weird. Especially for real estate. Inventory wasn’t great as there were far less homes on the market due to sellers stepping back. In fact, according to Ryan Lundquist (Sacramento Real Estate Appraiser and local market expert) there were about 42% fewer new listings in the Sacramento region. Yikes! The deciding factor for most sellers to step back was because many are locked into far better interest rates from several years ago. 

Speaking of interest rates, those still haven’t really lowered much and are sitting closer to 8%. Although, we do know of a few buyers that got in closer to 6% in 2023 (good for them!).

Even though last year’s market wasn’t great, our team still had some major wins at Mod Real Estate. Repeat clients bought and sold with us (we are always so appreciative of that!), we sold our highest dollar amount listing, and we even broke into the Bay Area market. 

What can we expect for Sacramento’s housing market in 2024? If 2023 taught us something, we learned to be prepared for anything. No one has a crystal ball and knows what this year will bring, it’s still way too early to gauge that. At Mod Real Estate we’re hopeful that interest rates will come down a bit and that inventory will improve. We will continue to monitor market trends to best guide our clients in navigating this complex market. 

As experts in mid-century homes in the Sacramento area, we’re committed to helping fellow mid-mod enthusiasts find their perfect dream home. When you’re ready to embark on that journey, let us know!