Home sales in Modesto are among quickest in the nation, report shows
Modesto saw the 14th fastest home sales in midsize U.S. cities in 2021, according to a report by Porch.
Last year, 69.5% of Modesto home listings were off the market in less than two weeks, with homes spending a median nine days on the market, according to the report, which uses data from Redfin. The report ranked 250 cities total in three categories: small, midsize and large.
Modesto is joined in the top 15 midsize cities by Elk Grove, in seventh place with seven median days on the market; and Fremont and Chula Vista in 13th and 15th, respectively. In both, homes spend a median nine days on the market.
Oakland, Bakersfield, San Jose, San Diego, Fresno and Sacramento all made the top 15 for large cities.
Home buyers are facing higher prices and reduced inventory across the country. This shortage is especially evident in Modesto, where there has been less than a month’s worth of inventory available since 2020. Daniel Del Real, a broker associate at PMZ Real Estate, told the Bee he doesn’t expect that to change any time soon.
The rate of construction in Modesto can’t make up for the gap in inventory fast enough, he said, and with developers impacted by supply chain issues, the process is further dragged out. The City Council recently took steps to move two new developments forward, but it will take months to years for either to break ground.
For now, Del Real said, “there’s just not a lot of things in the economy that are really helping us build a supply.”
To help fund The Bee’s economic development reporter with Report for America, go to https://bit.ly/ModestoBeeRFAThis story was produced with financial support from the Stanislaus Community Foundation, along with the GroundTruth Project’s Report for America initiative. The Modesto Bee maintains full editorial control of this work.
