Realtor’s Corner: Is the sun setting on sub-$250k homes in Citrus Heights?

Guest column by Klint Sheridan–
Rising real estate prices are a common sight throughout the Greater Sacramento Area, but Citrus Heights has generally been seen as an area where good homes can be found at relatively modest prices. However, it seems we’ve moved beyond another price point milestone, the $250,000 mark.

So how’s the local housing market looking and what can $250,000 buy in Citrus Heights these days?

According to the MLS, the central database of home listings used by real estate agents, there is currently only one single family home priced under $250,000 in all of Citrus Heights, 7441 Autumn Ave., which is listed at $244,000.

The 3-bedroom, 1,000-square-foot home is a foreclosure property and being sold as-is. I visited the home last week — it doesn’t look like it’s been updated too much since it was built in 1958, and looks like some maintenance has been deferred for quite a while.

However, with some work, it could be a great opportunity for a family to become homeowners and build equity.

Through the end of September in Citrus Heights, MLS data show 36 single family homes have sold under $250,000 in 2018, just under half a percent of the 767 homes sold in the city. That being said, there are currently 15 other properties, including half-plexes, condos, and townhomes, under the $250,000 price point. So there are still some more-affordable options out there.

Related: Latest data shows foreclosure rates lower in Citrus Heights than state, nation

Here’s the latest data on home sales in Citrus Heights:

Last month, there were 123 single-family homes on the market in Citrus Heights, down from 154 in August. Of the 98 homes that sold that month, those homes took an average of 26 days to sell, compared to 21 days in August.

The average price of a home sold in September was $353,000, up from $347,000 in August, and homes were selling for 98% of their original listing price, a bit lower than the 99% in August.

Klint Sheridan is a Sacramento-based realtor (BRE# 01995924) who focuses much of his efforts in and around Citrus Heights. He can be contacted at (916) 287-0777, or online at www.klintsheridan.com