Homes in Loomis sold remarkably quickly this spring. According to newly released Redfin data for the three months ending in May, the typical home in this Placer County town of roughly 6,800 residents went under contract in just 10 days — down from 15 days a year earlier, a 33% drop that signals a market tilting further in sellers’ favor. The pace was even more striking compared with the three months ending in April, when the typical home sat for 34 days.
A faster, tighter market
The acceleration in sale speed lines up with shrinking supply. Active listings averaged 45 over the three-month period, down nearly 12% from 51 a year ago, while new listings dropped to 31 from 40. With 27 homes sold, Loomis had about 1.7 months of supply — well within what is generally considered a tight sellers’ market, where buyers face limited choice and homes turn over quickly.
That competitive dynamic showed up at the closing table. The sale-to-list ratio came in at 100.2%, meaning the typical home sold just above its asking price, and 42.4% of homes sold for more than list — up from 32.0% a year earlier. In practical terms, more than four in ten Loomis buyers found themselves outbidding someone else this spring.
Prices edge higher
The median sale price reached $727,065, up 3.9% from $700,000 a year earlier and 6.9% above the April figure of $680,000 — though some of that month-over-month bump reflects the typical spring pickup. Price per square foot rose a bit faster, climbing 6.1% year-over-year to $428, suggesting buyers paid a premium on a size-adjusted basis as well as in headline terms.
Even with those gains, Loomis prices remain below their level from two years ago, when the median sat at $793,000 for the same three-month window. Stretching the lens further, prices are up just 1.3% from the three months ending May 2021, when the median was $717,500 — a reminder that much of the pandemic-era run-up in this market has since unwound.
Affordability and rates
Affordability remains a challenge. The U.S. Census Bureau pegs Loomis’s median household income at $81,487, putting the median-priced home at about 8.9 times annual household income — well above the 5x threshold typically considered unaffordable. At the current 30-year fixed mortgage rate, which Freddie Mac reported averaged 6.44% in May (down from 6.82% a year earlier), the principal-and-interest payment on a median-priced Loomis home with 20% down works out to roughly $3,654 per month, or about 54% of median household monthly income. That payment is essentially flat compared with a year ago — just $5 less per month — as lower rates offset the higher purchase price.
Nationally, the S&P/Case-Shiller Home Price Index was down slightly year-over-year, so Loomis’s modest price gain runs counter to the broader national trend.
What the data suggests
Loomis is a small market, and with only 27 homes sold during the three-month window, individual transactions can move the medians noticeably. Even so, the combination of faster sales, fewer listings, a higher share of homes selling above asking, and rising price per square foot all point in the same direction: a market that has tightened meaningfully over the past year. Sales volume itself ticked up 8% year-over-year and 22.7% from the prior three-month period, indicating buyers are showing up despite the affordability squeeze.
For sellers, this spring delivered the strongest set of conditions Loomis has seen in some time. For buyers, the 10-day median time on market leaves little room to deliberate.