The frenzied buying, cash deals and bidding wars is waning as buyers slow down, making house hunting a lot less stressful for potential homebuyers.
It’s been more than a year since the housing market took off in the Summer of 2020, and sales prices still remain at historically high levels. However, local real estate agents report less competition and softening of prices.
Don’t expect prices to come down to pre-pandemic levels, however, as buyers are still streaming in from the Bay Area, and demand still exceeds supply with not enough inventory.
In September, the median price hit $755,000, a 2% decrease from August, but still a 5% increase from September 2020.
Most experts agree there is no bubble in sight for the Sonoma County housing market due to a slowdown in construction of new homes and the low interest rates which allow homebuyers to take advantage of favorable mortgages. Even when interest rates do rise, the shift to remote work for most workers in California means that Sonoma County will remain a viable option for buyers who were otherwise tied to the Bay Area and other urban areas.