A new downtown arena, luxury condo tower, and urban renewal projects have helped make Sacramento the new place to be.
The Sacramento Bee reports that the city is California’s new real-estate hot spot. Homes in Sacramento sell in 34 days, which is 28 days faster than the U.S. average, but properties are still affordable.
While the median price of a square foot of a house in the Bay Area is $531, Sacramento is only $228. Nearly half of the area households can afford to purchase a median-priced home of $319,720 in Sacramento County.
WSJ spoke to Sacramento Kings owner Vivek Ranadive for the story. Sacramento “went from one of the worst real-estate markets to one of the best,” said Ranadive, who is also founder of Bay Area tech company Tibco. Ranadive has purchased a condo in the Sawyer.
Advertisement
Related Stories
Affordability
Survey Shows Buyers Have Homebuying Regrets
More than 80% of respondents have regrets about their home purchase and 50% of upcoming buyers would consider forgoing using an agent
Affordability
Is Fractional Homeownership Any Kind of Solution for Housing Attainability?
The imbalance between housing supply and demand is spurring some innovative options within the real estate industry
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders