Napa County’s own economic forecast projects a 3.5% annual population increase through 2022. This means that housing needs are increasing every year, and yet the number of new housing units has grown by less than 1% annually for the past 9 years.
So, the sales price appreciation we have experienced in the City of Napa over the past three years is due in large part to demand outstripping supply.
Single family home prices have risen 5.1% over the past three years while condo/townhomes have risen 5.2%.
Buying property in Napa continues to be a very smart long term investment and personal wealth building opportunity.
Single Family Homes:
The three-month rolling average median sales price of $710,667 is up 3.1% over last year’s.
Year-to-date, new listings are up 1.4% while sales are down 3.1%.
September’s inventory of 3.4 months is 42% higher than last year’s.
The median percent of list price received was 96%.
The three-month rolling average median sales price of $531,000 is up 27% over last year’s.
Year-to-date, new listings are down 8.9% while sales are down 1.1%.
September’s inventory of 1.6 months is 20% lower than in 2017.
The median percent of list price received was 98%.