Sonoma County Housing Market Breaks Records in 2020!
After the coronavirus pandemic sent Sonoma County homebuying into a tailspin last spring, the local housing market rebounded to have a banner year, posting a record annual median home price and the most houses and condos sold in seven years! As we embark on a new year (we can’t believe it’s already February), let’s take a look at some of the important real estate highlights from 2020 and what experts are forecasting for the spring season.
- Low inventory, high buyer demand and increasing home prices have resulted in a seller’s market as we enter 2021.
- Historic low interest rates are drawing more buyers, especially millennials, into the marketplace.
- Buyers are flocking to Sonoma County from the Bay Area due to changing household needs and work-from-home flexibility.
- Despite home prices increasing, Sonoma County is still considered an affordable option compared to the Bay Area with a median single family home price of $700,000 vs $1.06 million.
What To Expect As We Look Ahead to Spring 2021…
Many factors will exert an influence this year: the continued rollout of the vaccine, a change in administration, the possibility of additional economic relief measures and mortgage rates still at historic lows. Despite all the challenges we face, there remains much to be optimistic about as we prepare for the spring market and the year ahead!
Thinking of buying or selling in 2021? Planning on relocating out of state? Contact Pam for a list of resources and help planning your next move.