The migration of Bay Area buyers seeking bigger, more affordable homes in the Sacramento region’s suburbs could shift once Gov. Gavin Newsom fully reopens the state’s economy, according to trends identified by Redfin.com.
“I think that when the economy fully reopens, we will see more people wanting to live in the downtown area and enjoy what downtowns have to offer, the restaurants, the bars and the nightlife,” said Daryl Fairweather, chief economist for real estate brokerage firm Redfin. “We have seen people really have a preference for single-family homes with more space, but as things open up I think there will be more demand for downtown condos where you can be closer to the action.”
Latest Redfin Monthly Market Tracker:
- Sacramento: 72.5% of homes sold above list price last month. Nationally: 48.9%.
- Sales prices up 23.3% from a year ago. Nationally: 22%.
- Sales up 58.4% from a year ago. Nationally: 34%.
Large investors have reentered the housing market after sitting on the sidelines for much of the past year, which could lead to added pressure pushing prices higher, said Fairweather.
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