6 price cuts doesn't make a trend, but it could be an indication of things to come in Elk Grove real estate
|This single-family dwelling in Elk Grove's 95624 zip code has twice reduced its listing price in the last month. ||
One of many economic effects of the COVID-19 pandemic and shelter-in-place order in Elk Grove is that for a segment of residential real estate listings, prices are declining.
An analysis of single-family dwellings listed for sale on Zillow.com under $400,000 in Elk Grove's 95624 zip code that at least six have reduced prices from the original listings. One of the listings had two decreases.
Not surprisingly, with much of the economy at a standstill, real estate activity appears to have slowed. Depending on the length of the recession, if real estate prices decline, it will have ripple effects, which could have consequences for the City of Elk Grove's budget and financial health.
Obviously, six price decreases over a four week period do not make for a sustained trend. However, it is significant given the rapid escalation of real estate values over the last six years and could be a leading indicator of things to come.
In the video below, see some of the houses listed for sale under $400,000 in 95624 that have lowered their listing prices.
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