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.