The Sonoma County housing market saw significant gains in the first quarter of 2024. Median price for a single family home ended the quarter at $868,500 county-wide, up from just $813,000 in December of last year.
Inventory of available homes has continued to plummet despite increased buyer demand. The quarter ended with just 1.8 months supply of inventory, down from 2.5 months in December. Interest rates have eased since the high in November 2023 and buyers are locking in rates that currently average around 6%. But many would-be sellers feel “stuck” with incredibly low mortgage rates on their current homes and are staying put rather than increase mortgage costs to accommodate a move. This phenomenon, coupled with the fact that it currently costs more to build a new home than to buy an existing home in much of the county, has created a significant shortage of housing that is driving prices higher.
Here are some data points for single family homes in key cities around the county:
REGION # SALES AVG SQFT AVG $/SQFT Median Price
Healdsburg 27 2090 $739 $949K
Petaluma 78 1748 $629 $901K
Santa Rosa 230 1958 $482 $775K
Sebastopol 35 1831 $727 $870K
Sonoma 55 1968 $977 $900K
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, Single Family Homes - Sonoma County Through March 2024
Months Supply of Inventory, Single Family Homes - Sonoma County Through March 2024
