Home prices falling in Sacramento faster than nearly any U.S. metro. See the latest values
Sacramento’s 2022 real estate is cooling off at a rate seen in few other places.
The median home price in the region declined 8.4% between peaking in the spring and October, the seventh-largest drop in the nation, according to the latest mortgage monitor report by national real estate data analysis firm Black Knight. Zillow’s data shows a similar trend, with that site reporting Sacramento’s price decline is 6.4% since the peak.
San Francisco and San Jose have both seen declines of about 13% since the peak, tied for the steepest drop in the nation, according to Black Knight. Other regions in the western United States that have experienced significant drops include Seattle, Phoenix, Las Vegas and Los Angeles.
What’s more, after two years of record-breaking growth in home prices here, Sacramento’s year-over-year price increases slowed drastically this fall. Black Night’s data show the median price in the region went up just 1% between October 2021 and October 2022. That was the lowest increase among the 50 largest metros; San Jose and San Francisco both saw declines.
Sacramento real estate appraiser and market analyst Ryan Lundquist reported this week that prices in the four-county region had declined 12% between May and the end of November. The median price stood at $550,000 in November, down from $625,000 in May, according to Lundquist’s data.
The interactive map below shows the average home value for every community in the Sacramento region. The Lake Tahoe basin still has the most expensive real estate in the metropolitan area, but Granite Bay and parts of Clarksburg have home values above $1 million, according to new data from Zillow.
