Elk Grove Real Estate Summer Update - July 2024

Watch Our Market Update Video

Get the full scoop by watching our detailed market update video below, where we dive into these trends and more.

Welcome to our mid-July 2024 market update for Elk Grove, CA! Whether you're buying, selling, or just curious, here's a quick look at the latest trends and insights in our local real estate market.

Market Highlights

- Home Prices:The median home price in Elk Grove has seen a slight increase, indicating strong buyer demand. This trend reflects the area's growing appeal, with current prices averaging $650,000 - $676,000.

- Inventory Levels: The number of homes available for sale remains low, creating a competitive market for buyers. This limited inventory means homes are selling quickly.

- Days on Market: Homes in Elk Grove are selling faster than usual, with the average time on market now at 13 day. This rapid pace signals a strong seller's market.

Tips for Buyers and Sellers

- For Buyers: Be ready to sign a Buyer's Representation Agreement.  It was not widely used in the Sacramento Valley but come August 17th, it'll be required.

- For Sellers: Make sure the agent that you hire to sell your home has a marketing and action plan to make your sale a smooth process. This marketing plan should include things like professional photography, videography, flyers, social media and neighborhood marketing.  Their action plan should should clearly outline when photos are being taken, when the house goes on the market, open house and showing scheduling.

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Tags: Elk Grove Real Estate, Market Update, July 2024, Home Buying, Home Selling