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Mendocino CA Real Estate Market Overview

 

Mendocino is a beautiful town in California founded in the 1880s. It has now become a symbol for a way of life in California. The media portrayal of the state is centred on Los Angeles & Beverley Hills but there are many small treasures around California that are a more accurate representation of life in the state. The real estate market here is also highly valuable. Mendocino is surrounded by vast amounts of scenery and untouched nature which attracts many tourists. As for the people living there, a trend in the demographic is quite distinct.

Mendocino is an ideal location for people to come retire and have a great time. The median age in the city is about 61. More than rentals 83% of people are home owners. With affordable prices and picturesque scenery Mendocino is indeed a great spot. If you are looking to rent a home you are probably looking at about $4000 a month. The median sales price in this area is just over half a million typically which makes the locality extremely desirable for those who want to retire without having to spend most of their savings. This is where we would like to reiterate that you need to scout out multiple real estates as they often tend to show different/ higher median prices to justify a higher price for your home.

Having a car in this area is also essential so make sure you find a home with a nice parking space. There are new listings that are constantly updated by numerous real estates in and around Mendocino. A simple google search will lead you to sites like Zillow, Mendo realty, big river realty, coast real estate etc.

A major noticeable trend is that there is a 24% rise in average sales price year over year and a 34% decrease in average rent over the same period of time. Another major shift is that almost 50% are single residents which is reflective of the nice mix of young tourists and old folk. The foreclosure rate in Mendocino is quite similar to the ones on the national scene with the same 0.08% of homes. That works out to around 30 homes being foreclosed in the entire area.

When hunting for real estate in Mendocino make sure you scout all realtors that are available to avoid paying a million bucks for a place when the house next door, with the better view, can be bought for a sweet seven hundred thousand. Carefully consider the age group you are surrounded by to ensure it is right for you and your family. If you have kids or grandkids there are not a lot of options for schooling with everyone going through the Mendocino high school. Sale price is also important if you are looking at a place here as an investment property. This option does not seem viable as the amount of people who rent places here have severely declined over the years, even with the rental price steadily falling.