Affected counties have bucked the national trend with an increase in for-sale inventory
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More than 13,000 California homes are still at risk from the active fires in the state’s Carr and Mendocino Complex wildfires, with 2,000 homes in immediate danger, according to an analysis released by Zillow.
The fires have affected more than 630,000 acres, an area as big as the state of Rhode Island, according to Zillow. Almost 1,400 homes have been destroyed and another 200 have been significantly damaged.
Zillow found that home-value growth in each of the counties directly affected by these fires appears to be slowing. The annual pace of growth slowed down in July from June along with the broader national trend. However, bucking the national trend, the impacted counties have seen an increase in the inventory of homes available for sale.
In the Mendocino Complex Fire area, homes have a median value of $217,500, slightly less than the national median of $218,000 in July and far less than the $541,800 median in the state of California as a whole. Meanwhile, at-risk homes in the Carr Fire vicinity have a median value of $316,000.
“As the fires rage on, and this devastating season continues, it’s still much too soon to assess the true number and values of homes destroyed,” wrote Matthew Speakman, economic data analyst at Zillow. “These communities could take years to fully rebuild, and given the whims of Mother Nature, the situation could get worse before it gets better. But compared to recent years, the current real estate climate may offer more reasons for optimism among those struggling with the fires’ widespread impact.”
