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 by 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%.