Sacramento, Rocklin, California real estate in high demand

The Sacramento region is still one of the nation's most in-demand real estate markets.  But escalating prices could make it far less affordable for people looking to move.

The Sacramento region is still one of the nation’s most in-demand real estate markets. But escalating prices could make it far less affordable for people looking to move.

xmascarenas@sacbee.com

The Sacramento metropolitan area is still one of the top destinations for house hunters in the nation. But there are signs that could eventually change.

A new report from real estate firm Redfin listed Sacramento as the fourth most popular destination for those looking to buy a home, trailing only Miami, Phoenix and Tampa, Florida. The net inflow of people looking to relocate here over those looking to leave was more than 6,500 in April.

Once again, the top origin for those exploring a move here is San Francisco. The top origin outside of California was Seattle. Of those using Redfin to buy a home, 43% are from outside the Sacramento region.

However, the region’s escalating home prices could be cause for concern.

“Places like Phoenix and Sacramento are still relatively affordable compared to San Francisco or Los Angeles – but they’re not nearly as much of a bargain as they were before the pandemic,” Redfin Deputy Chief Economist Taylor Marr said in a statement. The median sale price in April in the region was more than $ 600,000 – by far the highest figure of any of the top 10 destinations in Redfin’s report.

San Francisco is still bleeding residents. The city’s net outflow was more than 31,000 Redfin users in April (that does not mean San Francisco lost 31,000 residents in one month, just that 31,000 more people searched for homes outside the city than those looking to move there). Sacramento was the top destination for San Francisco residents looking for a home.

The pandemic altered what many homebuyers prioritize. As employers grew increasingly flexible with where and when employees can work, relatively affordable markets such as Sacramento appealed more and more to those getting priced out of more expensive coastal regions.

Those changing priorities have also driven more people to look at suburbs. Zillow, another national real estate firm, reported this week that many of the most in-demand real estate markets in the nation are suburbs.

In the Sacramento region, Rocklin was the most popular destination. Zillow calculated a community’s demand by looking at home value growth, daily page views on its site and the growth in available home listings.

Rocklin has long been a top destination for families in the Sacramento region. According to Zillow, the typical home in the Placer County suburb is worth $ 711,492 and prices went up a robust 5.9% during the first quarter of 2022.

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Ryan Lillis covers housing, real estate and development for The Sacramento Bee. He has been a journalist at The Bee since 2006 and previously covered crime, City Hall, wildfires and the Central Valley, and was the assistant managing editor. A native of upstate New York, he is a graduate of the UC Berkeley School of Journalism.

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