According to the latest Compass real estate reports, the Sonoma County real estate market is actually doing well, in spite of an economic recession and COVID-19 closures.  After steep declines in April and May, June saw an increase in buyer demand with the number of listings accepting offers, going into contract, up by 47%  over the same month last year.

A large number of these sales are in the luxury market. Only 13 homes priced over $2 million sold in June 2019 and 40 homes at the same price point sold in June 2020.

According to Compass, more affluent buyers – the demographic with the least COVID-19-related unemployment and the greatest financial resources – have been jumping back into the real estate market to a greater degree than other segments of the population.

But what about the rest of us… Sonoma County still has a shortage of affordable homes. The median home price in June was $660,000 and the median income is only $76,753. Even with interest rates at historic lows, a mortgage payment for an average priced home is around $2,896.*

Curious to see what is available under $660,000 click through our gallery above.

*With 20% down and a 30 year fixed mortgage rate of 3.293%