Realtors say Tuolumne County home prices are rising while inventory drops

Local News

TUOLUMNE COUNTY, Calif. (KTXL) — Homes across Tuolumne County are flying off the market at a rate that has not been seen by some realtors since 2005.

“We are seeing multiple offers,” said Betsy Hurst, board president of the Tuolumne County Association of Realtors. “We are seeing offers over asking price. We’re seeing homes being sold without somebody even coming to see them.”

Hurst, who has been selling homes for 24 years, said home prices are going up and inventory is the lowest she has seen it.

“Instead of showing them, you know, 10 homes in one day, we’re probably limited to two or three,” she told FOX40. “And we are very busy, and we’re actually starting to sell a little bit more land, vacant land, because of the lack of inventory of actual site-built homes.”

Realtors note the median home price has risen 12% in just the last year, from $295,000 to $340,000.  

According to Hurst, the number of homes going up for sale each month is averaging between 110 and 115. Just a year ago, that number fluctuated between 400 to 600 homes available per month.

She said in the past, buyers were either looking for vacation properties or a place to retire, but that’s not the case anymore.

“You can live here where you can ski — that’s water and snow ski — you can hike, you can bike,” she explained. “We’re an hour north of Yosemite and about two and a half hours from the Bay Area. And we see the young professionals, you know, coming here and realizing that they can work from home.”

Hurst believes the pandemic has fueled younger buyers to look outside bigger cities where they can get more for their money. 

“It clicked that, boy, I can go to Tuolumne County and I can do all these other really cool things and just be in my own backyard, you know, and have a sizable home for an affordable price,” she said.

She added that if you’ve been contemplating selling your home, now is the time to do it. 

“It’s very competitive and it is, basically, what we refer to as a seller’s market,” Hurst said. 

Home prices aren’t just up in Tuolumne County. The National Association of Realtors reports median sales prices are up nearly 16% since last year.

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