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Median Home Price Up Slightly in Napa, Sonoma and Solano Counties

lisasheppard | September 27, 2022

Cloverdale, Russian River and Sonoma Coast dominate Sonoma County home sales

Home prices were up slightly last month in Napa, Sonoma and Solano counties, but down in Mendocino, Lake, Marin counties and the Bay Area.

The median price for a single family home across the nation last month was $440,000, while in California the median price was $839,500. Inventory of available homes for home buyers is falling as are closed deals. MLS data for August shows inventory in the North Bay was 2,747 homes, 13% below July 2022 and 14% below August 2021.

While sales have fallen, they were still 21% higher than sales in July of this year, with about 40% of homes seeing price reductions and staying on the market longer before they eventually sell. However, homes are still selling above list price, accounting for 42% of sales in August in Sonoma County.

Rising interest rates have contributed to the stabilization of the market to pre-pandemic levels. Homes priced $2 million and above seem to be faring well and are enjoying a bounce-back.  It remains to be seen how additional rate interest hikes will affect the housing market since we are now approaching the fall/winter season, which typically translates to a housing market slowdown anyway.

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