Folsom, like the rest of the nation, saw prices fall dramatically after interest rates doubled early in 2022, dropping 15% by the end of the year. Now it seems, Folsom housing prices are on the rebound… sort of.
Why? Pretty simple; willing buyers and a lack of inventory.
Many potential sellers are enjoying low interest rates and don’t want to sell, and then purchase at 7% or more, so they are staying put. As of Oct 1, there were 55 homes for sale in Folsom, plus another 24 new construction.
And, while many buyers were price out of the market, there are many others who can afford the higher rates, and would rather buy than rent, so they are back in the market.
So we have low supply, and higher demand, and prices have been trending up for 9 months straight. According to Black Knight in many areas, prices are at or above previous record-levels.
Take a look at the graphic for some surprising stats.
Any questions? Drop me a line.
Steve Heard- eXp of Northern California Inc – 916 718 9577 – steve@myfolsom.com – DRE#01368503