Wine Adventurers from across the country have sent notes recently asking me about the Napa Valley real estate market. Whether you’re planning to rent a Wine Country vacation spot, buy a 2nd home or move to the area full time, you might find this brief overview regarding homes in wine tasting paradise interesting.
Understanding the Napa Valley real estate market starts with two important facts:
- 70% of the Napa County population resides in two of its five towns: Napa (57%) and American Canyon (13%) and another 20% lives in unincorporated areas of the County.
- The primary use of developed land is farming
Napa Valley offers a wide range of homes to rent or buy. Affordability can be found primarily in the south, while luxury estates dotting the hillsides from Napa north to Calistoga enjoy world-class valley views and private vineyards. Many of the finer homes are owned by Silicon Valley tech millionaires and Hollywood celebrities, but the median income for full time residents is roughly $65,000 per year and the median home value is currently about $556,000.
Home sales thus far in 2016 are lagging slightly behind 2015 market activity. Looking at the chart below, we see that total sales, Bank-Owned sales (REO/Foreclosures), and Short Sales are all slightly down. Home values have remained stable while supply and demand for housing are generally in balance. There are just over 200 homes listed for sale in Napa, ranging in price from $209,900 to $7.9M. The most expensive home on the market in Napa County, located north of Calistoga, is listed at $32M (see links below for current listings). For details of recent City of Napa homes sales, check out this report: Napa California Real Estate Market Activity Report 2June2016.
One last thing… I’m often asked how California wine country home prices compare to prices for equivalent properties in other wine producing regions. It’s tough to make valid comparisons because the total cost of ownership can vary significantly from country to country. Tax, utility and maintenance costs are often structured very differently. If you’d like to check out listings for wine country homes in Bordeaux, France, click on Bordeaux homes for sale.
Here are links to current listings for Napa Valley real estate:
Napa Valley Luxury Homes priced $5M or higher: Napa Valley Luxury Homes
Residential land (most parcels include personal vineyards): Napa Valley Residential Land
Want to see listings for other types of properties (ag land, multi-family, etc.)? Use the property search system.
If you would like to see similar information for properties in Sonoma, Solano, Marin or Mendocino Counties, drop me a line: Contact Us.