The Sacramento metropolitan area will be the hottest-selling home market in the country in 2021, according to a national forecast published Monday by Realtor.com.
The analysis combines expected house price increases and increases in the number of sales. The online real estate sales and data agency is forecasting the average price of a Sacramento home to go up 7%.
Notably, Realtor.com predicts there will be 17% more houses sold in the Sacramento region in 2021 than in 2020, when very few homes were on the market. Local builders say they expect as well to increase new home supply in 2021 by greater numbers than 2020.
Those increases are expected to be fueled by a continued migration of residents from the higher-priced Bay Area to the capital city region, where house prices are more moderate. The trend will be accelerated if the COVID-19 era teleworking trend continues next year.
“Due to the increased freedom to work remotely, buyers from the San Francisco Bay Area are flocking to California’s state capital for the increased affordability, without having to completely uproot their lives in Northern California,” Realtor.com said. “The area draws a diverse crowd ranging from first time home buyers to empty nesters looking to downsize.”
San Jose ranked second in the analysis, followed by Charlotte, N.C., and fast-growing Boise, Idaho.
Among California cities, Oxnard, Riverside, Fresno and Los Angeles also made the top 15 list.
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