Folsom Real Estate

Folsom, California, most famously known for its prison as sung about by country legend Johnny Cash, is an upper class neighborhood, with a median household income in 2007 estimated to be around $87,500. The Folsom real estate market, like nearly every market in the vicinity, has suffered in the past few years as it has struggled to deal with the aftershocks of the U.S. economic recession and housing market crash.

The Folsom market is still showing signs of a struggle as prices continue to slip and attempt to maintain a stable range. According to statistics compiled and maintained regularly by the Sacramento Association of Realtors, there were 40 homes sold in Folsom in the month of February this year, a decrease from 50 sales in January, and also a slight decrease from 45 sales in February of last year. Of the 40 sales, 10 were bank-owned homes, 12 were short sales and 19 were conventional sales.

The monthly inventory of Folsom homes for sale stood at 91 in February, an improvement on last year’s figure of 96 but a slip from January’s 73 homes on the market. This put the total inventory in February at 218 homes, up slightly from January’s 204 but an improvement upon figures from February 2009, when there were 245 homes on the market.

In February, the median price of a home sold in Folsom was $314,500, a sign that prices are still not stabilized in the community, as this was a drop of more than $10,000 from January’s median of $325,625 and a fall of nearly $100,000 from a year ago, when the median price was $410,000. The monthly median listing price, however, was up compared with January, to $394,900 from $380,000, though both figures are lower than a year ago’s figure, which was $427,500.