Home prices in Sonoma County likely to rise in 2024

According to realtor Matt Sevenau, and based upon the year-to-date, despite high interest rates the price of homes sold in Sonoma County will rise in 2024.

“Ever since the beginning of the year, and now moving into the spring selling season, striking shifts in supply and demand have occurred and continued to accelerate, resulting in a dramatic leap in the heat and competitiveness of market conditions,” he reports. “Based on current indicators illustrated in this report, and, more importantly, what is being experienced on the ground as new listings arrive on the market, deals are negotiated, and homes go into contract, it appears likely that significant home price increases will begin to show up in Q2 2024.”

“So, despite the Feds continued reluctance to bring interest rate down, we saw a nice uptick in our April statistics in Sonoma and Napa Valley. Listings popped, and both the median list price and median sales price jumped. With pending and closed sales on the rise, it may indicate that buyers are growing weary of waiting.”

“Anecdotally,” notes Sevenau, “open houses have been more strongly attended and showings are up in all price ranges. Collectively, Sonoma and Napa Counties are up in every category we tracked. Looking ahead, the overall feeling in the market is positive, yet a bit cautious regarding the Fed, inflation, and future interest rates.”

Please note, all information is for single family residences in Napa County and Sonoma Valley as reported to BAREIS, the local multiple listing service through Broker Metrics.