Elk Grove real estate market heats up, but still a great opportunity for Bay Area buyers



Real estate prices and activity in Elk Grove's three zip code areas entered 2020 with two rated as hot and the other warm according to Zillow.com.  

For the period ending December 31, 2019, zip codes 95624 and 95758 very rated by hot and 95757 as warm. A warm or hot rating indicates a seller's market. 

The report estimates that the median value in 95757, which is rated as warm, is $498,561, and home values have increased 3.3-percent in the last 12 months. Based on their analytics, Zillow estimate prices will increase 4.5-percent within the next year, and 112.0 percent of listings had price cuts, which is a decrease from 18.9-percent from the November 2019 report.  

The balance of the Laguna area in zip cope 95758, is rated as hot, saw a median value of $414,926 and home values had increased 3.7-percent annual increase and was the largest increase of the city's three zip codes. Median values are estimated to increase 4.7-percent in the next 12 months, and 18.9-percent of listing have had listing price cuts, which is lower October's 21.6-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 $451,172 and prices have appreciated 3.6-percent on an annual basis and rated as hot. Prices are expected to increase 4.3-percent in the next 12 months while 8.6-percent had listing price cuts, which decreased slightly from 17.05.54 percent in October.  

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 October. By December 2020 prices in 95624, 95757, and 95758 are predicted to be $470,000, $521,000, and $434,000 respectively.  

Copyright by Elk Grove News © 2020. All right reserved.




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