follow Patrick following
follow Patrick 2018 May 29, 8:25pm
769 views 5 comments
3. Napa, CAMedian home list price: $823,900Price drop: -6.7%The vast 2017 wildfires that tore through Napa and other swaths of California's lush wine country were the most deadly and destructive on record: 44 people were killed and over 8,000 homes and other buildings were destroyed across the region. A big part of that damage centered on beautiful Napa, so it's no surprise that the housing market there has stumbled a bit while other parts of the state continue to soar."In the immediate aftermath [of the blazes], the market slowed down," says Kristofer Chun, an associate broker at Kristofer Chun Real Estate, in Napa. The fires spooked insurers, making it harder to get mortgage insurance in the region, and made many would-be buyers a little skittish, he says.The hardest-hit part of Napa was its northeast areas, including single-family, suburban homes near the renowned Silverado Country Club that were burnt to the foundations. Most of these homes were on the luxury side of the market and were priced between $1.5 million to $2.5 million."We are slowly seeing some of these burnt-out lots come on the market priced around $500,000," Chun says. That's a fraction of what they were valued at before the blazes, when there were homes still standing on them. But new regulations and codes based in the wake of the fires might make these lots unbuildable, he adds. This could depress prices even further, at least for a time.