The median price of a home in Sonoma County recently increased to $705,000, up from the previous record of $689,00. This is great news for existing homeowners as many have seen the value of their home appreciate steadily over the last few years. However, it poses challenges for those looking to break into the housing market.
Over the last nine years, home prices have increased by 131%, from a low of $305,000 in 2009 to $600,000 in June 2016 and now to $705,000 in June 2018.
As more fire victims rebuild and more new housing construction projects become available, there is hope that the housing market will stabilize and prices will level out.