One of the nation's largest homebuilders is developing a new project near the University of California, Davis, in a region known for its relative housing affordability.
Harvest Glen in Davis, California, will feature roughly 100 homes with one- and two-story floor plans, according to Century Communities. Sales are due to begin in January, but prices have not yet been released, a company spokesperson told Homes.com in an email.
The development at 2411 E. 8th St. is 15 miles from downtown Sacramento. California’s state capital fuels the area's economy, along with a strong concentration in healthcare, education and professional services, according to Joshua Ohl, senior director of market analytics for Homes.com.
A "growing innovation ecosystem around UC Davis" also defines the region, he said.
"Unlike many of California’s coastal markets, Sacramento has enjoyed positive population growth in recent years," Ohl said. "Households have been attracted to the region’s stable job market and its comparatively low cost relative to the Bay Area. That has supported housing growth across the suburban landscape, where median home prices are not only far below the Bay Area’s, but also California’s."
The Sacramento housing market has roughly 1,300 homes for sale, with prices ranging from $280,000 to over $1.7 million, according to Homes.com. The citywide median sale price is about $481,000. Condos offer even more affordable options, with median condo prices of $228,500 for one-bedroom units and $300,000 for two-bedroom units, the data shows.
Davis has just more than 67,000 residents, according to the latest U.S. Census figures. In the city known for its parks, arts, cultural activities and miles of bicycle paths, the median home sale price over the past year was $810,000, down 1% from the prior year, according to Homes.com.
The Harvest Glen homes will have a maximum of 2,727 square feet, two to four bedrooms and two-car garages, according to the builder. It expects the first residents to move in during the second quarter of next year, the spokesperson said.
Century Communities, of Greenwood Village, Colorado, sold 11,007 homes last year, ranking as the ninth-largest U.S. homebuilder, according to Builder magazine.
The company builds in 16 states and more than 45 markets across the U.S., and also offers mortgage, title, insurance, brokerage and escrow services in select markets.