Real estate prices in Elk Grove continue to be rated hot, warm in monthly Zillow report



For the period ending January 31, 2020, real estate prices and activity in Elk Grove's three zip code areas continued to be rated as either hot or warm according to most recent reports from Seattle-based Zillow.com.  

For the period ending January 31, 2020, zip codes 95624 and 95758 are rated 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 $505,523, and home values have increased 4.1-percent in the last 12 months. Based on their analytics, Zillow estimate prices will increase 4.6-percent within the next year, and 10.4 percent of listings had price cuts, which is a decrease from 11.2-percent from the December  2019 report.  

The balance of the Laguna area in zip cope 95758, is rated as hot, saw a median value of $419,876 and home values had increased 4.6-percent annual increase and was the largest increase of the city's three zip codes. Median values are estimated to increase 4.8-percent in the next 12 months, and 7.1-percent of listing have had listing price cuts, which is lower than December's 18.9-percent. 

In the city's established neighborhoods in East Elk Grove and the rural Sheldon area, the report showed the median value of $455,497 and prices have appreciated 4.3-percent on an annual basis and rated as hot. Prices are expected to increase 4.6-percent in the next 12 months while 9.5-percent had listing price cuts, which increased slightly from 8.6-percent in December.  

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 December. 

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










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