Current Real Estate Market Trends:
Average price per square foot for Sacramento CA was $116, an increase of 13.7% compared to the same period last year. The median sales price for homes in Sacramento CA for Feb 10 to Apr 10 was $149,000 based on 4,478 home sales. Compared to the same period one year ago, the median home sales price increased 14.6%, or $19,000, and the number of home sales decreased 2.1%.
The average listing price for homes for sale in Sacramento CA was $278,986 for the week ending May 12, which represents an increase of 1.5%, or $4,236, compared to the prior week. Popular neighborhoods in Sacramento include East Sacramento and Land Park, with average listing prices of $542,812 and $543,450.
History of Sacramento:
The capital of California and the seat of Sacramento County. It is located in the north-central part of the state at the confluence of the Sacramento and American rivers.
In 1839, German-born Swiss citizen John Augustus Sutter obtained a grant from the Mexican governor to establish a colony for fellow Swiss emigrants on a large tract of land that he named New Helvetia (New Switzerland). He established Fort Sutter there as a trading post.
After gold was discovered on Sutter’s property in 1848, the settlement rapidly expanded as the prominent supply point for gold prospectors coming from the East. Sacramento was laid out in 1848 and named after California’s principal river, which ran beside it. The river’s name in Spanish honors the Holy Sacrament. It became incorporated as a city in 1849 and was made the state capital in 1854. Sacramento was the terminus of the first railroad in 1856 and the western terminus of the Pony Express in 1860.
The city has always been a hub of river transportation and is a major deep-water port connected to the Pacific Ocean. Sacramento’s economy is highly diversified and, along with state government and military installations, its industries include aerospace, high technology, furniture, chemicals, pharmaceuticals, meat packing, and food processing of crops from the Central Valley.