Real estate in Elk Grove's three zip codes rated as warm by Zillow

For the period ending September 30, 2019, Seattle-based continued to rate real estate activity in all three Elk Grove zip codes as warm. A warm rating is considered slightly favorable to sellers.  

The report estimates that the median value in 95757, which is rated as warm, is $488,400 and home values have increased 1.8-percent in the last 12 months. Based on their analytics, Zillow estimate prices will increase 1.9-percent within the next year, and 18.9 percent of listings had price cuts, which is an increase from 11.95-percent from the August 2019 report.  

The balance of the Laguna area in zip cope 95758, also rated as warm, saw a median value of $403,900 and home values had increased 2.5-percent annual increase and was the largest increase of the city's three zip codes. Median values are estimated to increase 2.4-percent in the next 12 months, and 21.3-percent of listing have had listing price cuts, which is higher than August's 15.77-percent. 

In the city's more established neighborhoods in East Elk Grove and the rural Sheldon area, or Old Elk Grove as it is now called, the report showed the median value of $443,000 and prices have appreciated 2.9-percent on an annual basis and was rated as warm. Prices are expected to appreciate 2.1-percent in the next 12 months while 17.05-percent had listing price cuts, which decreased slightly from 19.54 percent in June.  

Regarding so-called underwater mortgages, the rates of homes with negative equity in 95624, 95757, and 95758, respectively is 5.2, 4.5, and 6.1-percent, all unchanged from August.   

Copyright by Elk Grove News © 2019. All right reserved.

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