Homes in Woodland are changing hands at the fastest pace in years, even as prices have eased from last spring’s levels. According to newly released Redfin data for the three months ending in April, the typical home in the Yolo County city of about 61,000 went under contract in just 13 days — roughly a week faster than the 19 days it took a year ago, and nearly a third quicker than the 21-day pace recorded a month earlier.
That speed is unusual given that prices have moved the other way. The median sale price came in at $552,715, down 5.5% from $585,000 a year earlier and 2.2% below March’s $565,000 figure. Median price per square foot fell more modestly, dropping 2.4% to $324, suggesting the headline price decline reflects both softer per-foot pricing and a mix of smaller homes trading hands.
A faster, busier market despite lower prices
Sales volume picked up alongside the quicker turnaround times. Buyers closed on 115 homes during the period, up 7.5% from 107 a year earlier and 21.1% above the 95 sales recorded in the three months ending in March — a jump that partly reflects the normal seasonal warm-up into spring. New listings rose to 154, and active inventory climbed 11% year-over-year to 212 homes.
Even with more supply, the market remains firmly tilted toward sellers. At the current sales pace, Woodland has just 1.8 months of supply, well below the four-to-six-month range generally considered balanced. Nearly 34% of homes sold above their list price, up from 29.9% a year ago, and the typical sale closed at 99.3% of asking. Two years ago, in the three months ending April 2024, homes were taking 17 days to sell at a median price of $549,000 — meaning prices today are essentially flat against that benchmark while turnover has accelerated.
Lower rates ease the monthly math
A pullback in borrowing costs helps explain why buyers have stayed active despite affordability pressures. The 30-year fixed mortgage rate averaged 6.33% in April, down from 6.72% a year earlier, according to Freddie Mac data, though up slightly from 6.18% in March. The 15-year rate averaged 5.68%.
Combined with the lower median price, that rate move translates into real savings. A buyer financing a median-priced Woodland home today with 20% down would face a principal-and-interest payment of about $2,746 a month — roughly $281 less than the $3,026 a comparable purchase would have required a year ago. Even so, affordability remains stretched: the typical mortgage payment consumes about 36.5% of the city’s median household income of $90,180, according to U.S. Census Bureau estimates, and the median home now costs 6.1 times that annual income, above the 5x threshold widely viewed as the edge of affordability.
Nationally, the S&P/Case-Shiller Home Price Index was roughly flat year-over-year in March, a softer backdrop than the run-ups seen earlier in the decade.
Longer-term perspective
Step back further and the trajectory looks more typical of a market that ran hot and then cooled. Woodland’s median sale price is up about 17.7% over the past five years, from $469,500 in the three months ending April 2021. But the days-on-market figure tells a different story: homes sold in just seven days during that pandemic-era frenzy, compared to 13 today. Active listings, at 212, remain below the 221 recorded five years ago, which helps explain why competition has not fully cooled despite higher prices and rates.
Woodland’s population edged down 0.6% over the past year, according to California Department of Finance estimates — a modest decline that has not, so far, slackened demand for the limited inventory on the market.
The takeaway
April’s data paints a picture of a market where sellers are accepting somewhat lower prices than a year ago, but finding buyers quickly when they do list. The combination of a 7.5% rise in sales, a roughly six-day improvement in time-to-sale, and an uptick in homes selling above asking suggests demand is being absorbed nearly as fast as it appears. For buyers, more inventory and lower rates have improved the math compared to last spring — but with under two months of supply on hand, choice remains limited.