By Mike Hazlip—
The highest-priced homes in Citrus Heights top out just under $900,000, down from a record-breaking million-dollar listing that sold over the summer.
As of Sept. 6, two homes are listed over $800,000 with most single-family dwellings in Citrus Heights asking prices in the $5-600,000 range, according to a Sentinel review of real estate listings.
The top spot is a 2,728-square-foot, four-bedroom, three-bath home at 8117 Glen Canyon Ct. that is listed for $899,000. At more than $300 per square foot, the listing has been on the market for more than 130 days. It features a private gated entrance, new roof, and updated bathrooms, lighting, and kitchen, according to the listing.
A second home in that price bracket is a 3,343-square-foot five-bedroom, three-bathroom home listed for $865,000. Built in 1991, the home at 7713 Cottingham Way offers a pool, three-car-garage, and an open floor plan, the listing says. Priced at $259 per square foot, the home has been on the market for about two weeks.
In an Aug. 16 article, real estate appraisal expert Ryan Lundquist said he is seeing a “weird housing market” that is a combination of high prices but decreased volume. The market has likely seen a seasonal peak in July, Lundquist said, with weekly median sales price in the Sacramento region in the high $500,000 range.
Lundquist told The Sentinel the highest price ever recorded for a single-family home in Citrus Heights was $1,090,000 in June of this year. There was also a property with two houses on one lot that sold for $1.25 million last year, he said.
“What’s happening to prices in Citrus Heights is very similar to the regional price trend, which underscores that all ships rise and fall with the tide,” he said. “Prices are down from the peak in May 2022, but after a spring rebound this year, they’re not down as much as they were in the fall of 2022.”
One factor in the current market is higher interest rates that Lundquist said has “cooled the market.” Sacramento County sales have slowed 45 percent in the last 60 days compared to the average prior to 2020.
“Simply put, it’s more difficult today to make the math work for buyers,” he said, noting that both buyers and sellers need affordability as sellers seek replacement homes.
