In August 2020 the housing market in Placerville, CA was a seller’s market, which means there are more buyers than there are active homes for sale. Homes in Placerville receive 4 offers on average and sell in around 36.5 days. The average sale price of a home in Placerville was $479K in September, 2020, up 28.8% since the prior year.
2021 Outlook
The forecast for California’s housing market in 2021 is relatively favorable. In fact, the nation’s real estate market is often referred to as the one “bright spot” in the economy right now. As Frank Martell, CEO of the housing analytics company CoreLogic, recently stated: “Given the economic outlook, housing remains a bright spot for the foreseeable future.”
According to Home Buying Institute, “the forecast and outlook for Sacramento’s real estate market suggest that it could be one of the hottest markets in California in 2021. It might even be one of the hottest in the whole country.”
Five Predictions for the California Housing Market
A rebound in home prices
A shift in demand from urban to suburban areas
A gradual rise in inventory levels
A continuation of super-low mortgage rates
An eventual and gradual increase in home sales.
Those are some of the things we expect to see in the California housing market during 2021.
Sources: realtor.com, redfin.com, Home Buying Institute