In June, the Sonoma County housing market gave back some of the gains it experienced during much of 2024. From January through the middle of the 2nd quarter, high buyer demand coupled with low inventory pushed values higher, with the median price for a home peaking in May at $890K. Inventory increased over Q2 and also peaked in May at 4.1 months of supply, as buyer appetites for over-bidding across the county waned. The last month of the quarter saw a drop in median price to $827K, ultimately landing 2.8% lower than in June of 2023. The increase in market intensity was also exhibited in the length of time a property took to sell. In January the average time to sell was 70 days on market. In June of this year the pace had quickened to 42 days on market.
The summer market has begun slowly and the first week of July is often quiet, given the holiday week. We anticipate that the Fed will cut rates in the back half of the year, hopefully enabling more would-be buyers to enter the market and encouraging would-be sellers to make a housing change that many have postponed during this high interest rate environment.
Here are some key data points for single family homes across the county:
REGION # SALES AVG SQFT AVG $/SQFT Median Price
Healdsburg 41 2396 $843 $1.275M
Petaluma 110 1877 $593 $950K
Santa Rosa 377 1860 $503 $780K
Sebastopol 51 1817 $744 $1.1M
Sonoma 76 2055 $725 $1.042M
For specific data on your neighborhood or another property category, or for a market evaluation of your home, please reach out and I'd be glad to offer guidance. I am here to help you!
Median Price - Sonoma County Single Family Homes
Months Supply of Inventory - Sonoma County Single Family Homes
Average Days on Market - Sonoma County Single Family Homes
