Want to avoid overbidding? Here’s where Sacramento-area homes sell below asking price

It’s another sign that both home buyers and sellers in the Sacramento region real estate market have shifted their expectations: more and more homes are selling close to or just below the original asking price.

New data from Redfin shows the typical home over the past 90 days sold for below the listing price in nearly three dozen ZIP codes in the region. That seems to fit with similar data we’ve seen over the past several weeks from both national and local real estate analysts.

Redfin recently reported that 52% of Sacramento-area homes listed on its site had a price drop in July, the sixth-highest percentage in the nation and a big increase over the 32.5% of homes a year earlier. Ryan Lundquist, a Sacramento real estate appraiser and market analyst, reported just under half the homes for sale in the region in mid-August had a price drop.

Price drops and the percentage of homes selling for below list price aren’t the same measures but both are indicative of buyer sentiment – or more precisely, how picky and patient buyers have become as mortgage rates continue to rise.

The interactive map below shows the percentage of homes selling for below the listing price for nearly every Sacramento region community, including Elk Grove, the Placer County suburbs and Folsom.

This story was originally published September 2, 2022 at 5:00 AM.