Greater Sacramento Luxury Market Update

Good News All Around for Luxury Home Sales

Luxury-priced properties throughout Greater Sacramento posted very impressive numbers in the first quarter of 2024 emphatically signaling a market rebound for all price points is likely underway. Closed sales in the first quarter totaled 311 and reflected a 31 percent increase over the same period last year. The month of March alone enjoyed a 25 percent increase in closed sales versus February demonstrating that momentum is surely building as we head into spring.

Luxury Portfolio International recognizes home sales above $1,000,000 throughout the Greater Sacramento region as properties that map most accurately toward consumer expectations regarding luxury real estate. Approximately 8.5 percent of the homes sold in 2023 throughout Greater Sacramento fell into that luxury price range. The good news and prognosis for further momentum were highlighted as new open escrows for the first quarter reflected a 22 percent increase compared to last year and a resounding 56 percent jump in March versus February. This bounce back in sales activity along with upward movement in-home sales metrics market-wide, indicate that a higher number of annual luxury home sales is likely back in play for 2024.

The average sales price for the month of March rested at $1,449,000, an increase of 5 percent versus February and 3 percent compared to last year at this time. The median price of $1,300,000 represented a 4 percent lift versus February and a 3 percent bump over March of 2023. Luxury homes that closed escrow during the month of March were on the market for an average of 52 days from their original list date, identical to last year. Sellers also received an average of 98 percent of their original list price, just 1 percent greater than last March. The current days on the market and percentage of original list price received for luxury-priced properties are, by historical standards, perceived as quite favorable for sellers.

New luxury-priced listings arriving on the market were 30 percent higher and standing inventory 22 percent greater in the first quarter versus last year at this time. The luxury market is currently considered to be well balanced, however, with approximately 3 months of supply available at the current rate of sales. This is yet another positive for the market, as luxury-priced inventory historically in Greater Sacramento and in most market areas, is typically much higher.

Browse Sacramento's luxury market inventory.

"Luxury home buyers and sellers throughout Greater Sacramento appear to have developed a renewed confidence in our housing market. They are inspired by a relatively stable stock market, strong local economy, elevated move-up activity, and slower yet steady migration from more expensive and high-density market areas," says Pat Shea, president of Lyon Real Estate. "The outlook for 2024 and beyond is incredibly positive and will only get better as mortgage rates start to ease. A bright light remains on the many excellent reasons to purchase luxury homes throughout Greater Sacramento."

All market information presented by Lyon Real Estate is based upon data provided by TrendGraphix Inc., a Sacramento-based reporting company.

About Lyon Real Estate

Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal). We are proud to be homegrown, privately owned, and internationally known. Lyon has served the area for over 75 years. Last year, the company closed a total of 3,191 transactions and $1.85 billion in sales volume. Lyon Real Estate has over 750 agents in 15 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World ® , the largest network of premier locally branded firms, as well as LeadingRE's Luxury Portfolio International ® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. Since 2015, the Lyon Cares Foundation has contributed more than $1,368,365 to local nonprofits.

About TrendGraphix, Inc.

TrendGraphix, Inc. is a real estate data analytics company based in Sacramento that uses local Multiple Listing Service (MLS) data. TrendGraphix provides highly visual performance and market statistical graphs to real estate brokers, agents, and MLS/Realtor associations across the country. TrendGraphix's programs are currently used by tens of thousands of brokers and agents in more than 300 brokerages across the nation. For more information about TrendGraphix, visit www.trendgraphix.com.

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