Real Estate News

Zillow: Sacramento median home values up 7.4 percent

A For Sale sign lists the last home available at a development near 25th and R streets on Tuesday, Oct. 7, 2014 in Sacramento, Calif.
A For Sale sign lists the last home available at a development near 25th and R streets on Tuesday, Oct. 7, 2014 in Sacramento, Calif. rpench@sacbee.com

The January median home value in the Sacramento area was $333,400, up 7.4 percent year-over-year, according to a report released Friday by Seattle-based real estate data tracker Zillow.

That gain surpassed the national average of 5.4 percent. Zillow said the median value of a U.S. home last month was $178,500.

Sacramento also saw a year-over-year increase in the median rent for houses: $1,629 a month, up 4.6 percent over January 2014. Nationwide, the monthly rental median in January was $1,350, up 3.3 percent over the year-ago period.

Sacramento’s numbers are significantly lower than other regions of California. For example, Zillow said the median home value in San Francisco last month was $705,900, up 7.3 percent from last year. The median monthly home rental cost in San Francisco was $3,055, up nearly 15 percent in a year’s time.

“Rental appreciation has been a freight train these past few years, chugging along without any appreciable slowdown,” said Zillow Chief Economist Stan Humphries said in a statement. “Since 2000, rents have grown roughly twice as fast as wages, and you don’t have to be an economist to understand why that is hugely problematic.”

Zillow said it expects growth in rental prices to outpace home values in 2015.

Call The Bee’s Mark Glover, (916) 321-1184.

Related stories from Sacramento Bee

  Comments