Citrus Heights Market Update
The median list price in Citrus Height’s this week is $364,000.00. The 120 properties have been on the market an average of 14 days. This week 22 homes Sold and 46 houses went Pending. Inventory is up 7.1% compared to what it was last year at this time. The market is still hot as we approach Fall.
Supply and Demand
Real Estate prices rise and fall based on the laws of supply and demand. When the demand for real estate is high, prices tend to rise. If the number of available properties increases, prices tend to drop. Supply and demand is difficult to balance in the real estate industry. Often it is just not possible for the supply to increase in time to meet consumer demand. Understanding the basic principles of supply and demand can help a consumer decide when the best time is to buy or sell a property.
Days on Market
The homes for sale in Citrus Heights have an average of just 14 days on market (DOM). The number of homes going into escrow (pending) has increased by 4.7% from this same month one year ago (2016). The number of Citrus Heights homes that have sold this month have not increased or decreased from this same time 1 year ago.
If you are thinking about selling your home, the Fall Market is traditionally known as the second best selling season of the year!
*Stats provided by the MLS. All information is deemed reliable, but not guaranteed.