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In this video, I analyze the current trends in the Folsom housing market. Here’s a breakdown of the key takeaways:
Market Overview
- Interest rates are higher than expected in 2024, which is keeping some buyers out of the market.
- This has resulted in a similar number of homes on the market compared to last year, which were historically low numbers.
- There are a few more sellers in the market this year compared to last.
What it Means for Sellers
- With few resale options and many homeowners enjoying historically low interest rates, there are more buyers than sellers in the market.
- This simple supply and demand principle is pushing home values up, making it a great time to sell your Folsom home.
- The average sales price of single family homes in Folsom is currently $915,000, up from $837,000 over the last quarter.
What it Means for Buyers
- Single-family homes are staying on the market a bit longer than last year, averaging 58 days on the market compared to 46 days last year.
- This gives buyers more options to choose from.
Tips for Folsom Home Buyers and Sellers
- If you are considering buying a new construction home, it’s important to have a realtor present with you at your first visit to the community. This will ensure you have an agent representing you to negotiate the best deals and incentives.
- For a list of all the building developments in the Folsom area, including the entire Sacramento Metro. Click this link.
- Our services are free and can be a valuable resource throughout your home buying process.
Conclusion
The Folsom real estate market in March 2024 presents opportunities for both buyers and sellers. If you’re looking for expert guidance from a team that cares, Irik Edens and Full of Heart Homes is here to help.
