A new report by Compass real estate takes a closer look at the real estate market from 2016 (before the October 2017 wildfires) to 2020. According to their analysis, the median home price went up $130,000 from $585,000 in the third quarter of 2016 to $715,000 in the 3rd quarter of 2020.
According to the experts at Compass, the increase is largely due to an increase in a recent spike in home sales in the luxury market.
The increase is of no consolation for many Sonoma County home buyers. With a median household income of only $76,753, the mortgage on the average-priced home would occupy 48% percent of their monthly salary.
Surprisingly, the number of homes sold during the third quarter of 2016 was actually less than the same quarter this year. Despite wildfires and pandemic restrictions, 1,910 homes were sold in the third quarter of 2020, compared to 1,586 homes sold in 2016.
Curious to see what the median home price of $715,000 will buy in Sonoma County? Click through our gallery above.
To read the full October 2020 market report, click here.