Steady Home Prices

In 2023, home prices kept their upward momentum despite a slow in home sales. Even as the market began to cool, buyer demand kept homes from depreciating and maintained homeowner equity within the housing market. While today’s rate of appreciation may not reflect the sky-high percentages from the years prior, there is still an upward trend. 

Persistent Inventory Shortage

The imbalance between supply and demand has created a challenge for buyers, contributing to fewer homes available for purchase. One major factor? Sellers enjoying low mortgage rates from previous years are hesitant to move. Combine this with high demand, and it's no wonder buyers are facing fierce competition for the few available properties.

Uncertain Mortgage Rates

Mortgage rates have been on a perpetual rollercoaster throughout 2023. The year started off surprisingly optimistic with rates in the mid-fives range. However, a spike occurred in the beginning of February, and the rates have just recently started to cool. The majority of buyers in 2023 were faced with a difficult decision—buy now, or wait for the rates to drop.

What will happen when rates drop into the 5.5%-6% range? Expect all those buyers who have been sitting on the sidelines to flood the market. 

Our advice—slip into the market now while the competition is still low. You don’t want to get swept away in another multiple-offer war zone. Reach out to The Sherri Patterson Team to come up with a strategy to get you into a home before the market picks up.

In other news . . . 

March Madness Came to Sacramento! 

College basketball fans got a special treat this year! Sacramento hosted the first- and second-round games of the 2023 NCAA Division I Men’s Basketball Championship tournament at Golden 1 Center. Downtown was buzzing with activity and excitement this past March as we all cheered on our favorite teams.

Farm-to-Fork Festival’s 10th Anniversary

Sacramento featured its 10th annual Farm-to-Fork Festival in 2023. Over a decade of delicious food, amazing vendors, and market goodies fit for royalty, it has been such a treat watching this festival grow over the years—and the 10th annual festival certainly did not disappoint. Cheers to many more farm-to-fork celebrations in the future!

Real Producers Magazine Feature

This year, Sherri was featured in the Sacramento Real Producers Magazine. This editorial features the top agents in the area, and Sherri was asked to be their “cover girl” during the summer to celebrate her well-earned success in the Sacramento real estate world. It’s always nice to be recognized for the time and dedication our team invests in our community.

We Added an Agent to Our Growing Team!

Our team is growing! This year we welcomed a new real estate agent, David LeBoeuf, to our team. David is a seasoned professional with 10+ years of experience in the industry and a proven track record of success. He’s already helped over 150 families reach their real estate goal and we can’t wait to see how many more lives he impacts!



We’ve had quite the 2023! However, we’re excited to see what the new year has to offer. Make sure to keep in touch with our team if you want to stay up to date with Sacramento’s 2024 real estate market and local community.