By Mike Hazlip—
The highest priced single-family home on the market in Citrus Heights is currently listed at $795,000, as the city sees a cooling housing market amid rising mortgage rates.
The 2,990-square-foot home at 7508 Mariposa Ave. went on the market Dec. 27 at $266 per square foot. It last sold in 2016 for $502,000, records show.
The home offers four bedrooms and three baths. Originally custom built in 1992, the home sits on a three-quarter-acre lot that fronts Mariposa Avenue. The back of the property borders a green space, and the listing says a variety of citrus trees are on the property.
What’s the housing market like right now?
Real estate appraisal expert Ryan Lundquist told The Sentinel on Thursday that home prices throughout the region are seeing a significant decline — a drop three times sharper than the typical seasonal decline the market sees this time of year.
“Citrus Heights is reflecting what we are seeing in the surrounding county with lower volume, fewer pending contracts, and slightly more listings compared to last year at the same time,” said Lundquist. “Last month properties on average sold about 5% below their original list price, and it’s been taking closer to 40 days to get into contract on average.”
The median price in the region has dropped about 15 percent since May of 2022, Lundquist said, noting some areas where changes in the market are more obvious.
Despite the downturn, some properties are still selling above list price, and many homes still have multiple offers.
“This shows even though the market has changed drastically, the market isn’t dead,” he said. “However, overpricing is a quick way to sit instead of sell, so if a property is not priced correctly, it’s going to really struggle in today’s market.”
One way sellers are compensating for the changing market is by offering credit to close the sale. In recent months, 62 percent of sales included some form of credit, Lundquist said. Sellers are offering to help buyers with sticking points such as closing costs, repairs, or buying down the mortgage rate.
With the market feeling the “pain of higher mortgage rates,” Lundquist still expects to see increased activity this spring.
“Buyers are hungry for quality listings, and there is growing attention for the spring season,” he said. “During the spring, even during a declining market, it’s normal to see an uptick in sales (even though the number of sales is still way down).”
