Home sales in the Elk Grove area in October were up slightly over September, but behind October of 2016. October home sales rose from 199 in September to 203 in October. The median sales price increased from $403,000 in September to $411,000 in October. Days on the market for sold homes rose slightly, from 20 days to 23.
October home sales continued a year long trend that has seen home sales in every month trail the same month in 2016. In 2016, 232 homes were sold in October compared to 203 this year. The lack of inventory has pushed home prices up and left buyers priced out of the market. Monthly rents have also increased leaving many scrambling for a place to stay. 2018 should see an increase in new home construction in the Elk Grove area.