By Sara Beth Williams–
Soaring housing prices have made it challenge for buyers seeking a single-family home for under $400,000, but in Citrus Heights there’s some options available.
Recently, a four-bedroom, two bath, 1,500-square-foot home on Sierravale Way just sold for $375,000 on July 11. The property was listed “as is.”
According to Erin Stumpf, a real estate broker with Coldewell Banker who covers Sacramento County, there have been 281 sales of single-family homes under $400,000 since April 18. During the same period, nine sales of single-family homes sold in Citrus Heights for under $400,000.
“Primarily the homes under $400,000 that have closed recently in Citrus Heights are “fixers” of varying levels,” Stumpf said in an email, explaining that lower-priced properties tend to require anywhere from minor repairs like new flooring or paint, to major renovations, like new HVAC units, roofing, or siding.
Currently, Trulia lists three single-family homes for sale for under $400,000. One has no air conditioning, according to the property’s listing information.
Stumpf also said homes selling for $400,000 may be smaller in size.
A small craftsman home on Leonard Avenue, listed by Century 21 Select Real Estate, is also selling for under $400,000. The home was built in 1928 and has two bedrooms, one bathroom, and just 690-square-feet of living space.
According to data from the National Association of Realtors, the median price for an existing home—one that’s already standing, not new construction—was $387,600 in the US as of November 2023.
Comparatively, the median home value of single-family homes in California is $814,000, according to data from the California Association of Realtors, while the median value for condos and townhomes in California is $655,000.
There are far more opportunities for home ownership with properties that are condos or half-plexes, Stumpf said. In the last four months, 33 condos, half-plexes and townhomes sold in Citrus Heights for under $400,000, according to Stumpf.
“These types of properties can be an excellent way to get into homeownership at a lower price-point, with the property being in superior condition, and having more amenities,” Stumpf said.
Stumpf said her first home was a townhome in Citrus Heights, which she eventually sold and used the net proceeds to purchase another home.
“Everyone has to start somewhere and that type of move-up scenario is very common,” she said.
In Citrus Heights, several condos and townhomes are listed for $400,000 or less, including a three-bedroom, three-bath home, which recently dropped in price from $425,000. The property on Castillo Court boasts 1,900-square-feet of living space and a two-car garage, however, the home is located in a housing community, which requires an additional monthly Home Owners Association fee of about $500 per month.
According to Sacramento real estate blogger and appraisal expert Ryan Lundquist, HOA communities offer a more “controlled environment” where things like curb appeal and what homeowners can do inside their house are regulated. While many dislike the additional rules found in many HOA’s, advantages include, having landscaping and house repairs done for you, having access to a community clubhouse or pool, and some “higher-end” HOA communities can help control blight and create an “appealing community,” which Lundquist writes, can greatly influence property value.