Zillow curiously predicts housing price drops in Elk Grove over the next 12 months
The forecast model predicted price decreases in all three of Elk Grove's zip codes: 95624, 95757, and 95758.
Real estate prices nationally have escalated in the last few years, spurred in part by COVID-19-era relocations, during which remote work encouraged workers to flee high-cost regions for various locations throughout America. Even with higher interest rates, home prices have continued escalating, mostly because of a housing shortage.
For Elk Grove, one leading real estate company, Seattle-based Zillow, predicts housing price drops in the next 12 months. The forecast model predicted price decreases in all three of Elk Grove's zip codes: 95624, 95757, and 95758.
Forecast decreases
- 95624 - 2.5%
- 95757 - 2.5 %
- 95758 - 2.4%
The Zillow model, which was based on activity through May 31, also showed prices substantially increased in all the zip codes over the last 12 months.
Price growth in last 12 months and average prices (ending May 31)
- 95624 - 5.8%, $656,709
- 95757 - 5.7% $733,119
- 95758 - 6.0% $598,269
A U.S. News and World Report story on five-year real estate predictions reports that nationally, "home prices tracked by the National Association of Realtors are forecast to rebound by 1.8% to $390,000 by year-end 2024. By 2025 through 2028, given the large run-up from 2021 through 2023, home prices are predicted to rise more gradually at about a percentage point above the rate of inflation, for an estimated increase of 13% to 14% from 2023 levels."
More Zillow Elk Grove real estate statistics can be viewed in the video.
