Petaluma Market Conditions

Lower mortgage rates are widely anticipated to release a surge in pent-up demand for homes. Average fixed 30-year mortgage rates, peaking at 7.8% last October,have fallen by more than 100 basis points and early indications point to the 2024 housing market slowly unfreezing.

“Concerned homeowners who have been thinking of selling have largely delayed listing their homes until they are able to secure a more favorable interest rate on anew loan for their replacement property,” Timo says. “But there have been manywho need to sell or are able to sell for various reasons and those properties have kept the market tight but fairly buoyant in the Petaluma area over the past year.”

Timo expects to see more properties on the market in 2024 as the mortgage rates decline closer to 6%. There is an assumption that new mortgages are more likely to be refinanced within a few years as rates fall, even though rates dropping below 6%might not reasonably happen until sometime in 2025.

“The supply lull is not likely to go away in the Petaluma area this year as demand by far outstrips home availability. This puts sellers in a good position in 2024 and specific buyers, who must be serious to be in the market, are still hungry to secure the right home.”

Whereas Petaluma’s average home value is currently $884,924, up 2% over the previous year, Sonoma County’s Median Sold Price in December 2023 was$798,620, representing a 1.2% increase over 2022. The average county wide saletime in December last year was just 19 days, compared to 34 days in December 2022. Homes sell faster in Petaluma, averaging just 16 days, currently.

The average home in West Petaluma is valued at $1,038,538 this new year. That represents a 1.9% increase over the previous year.

“Waiting for home prices to drop in Petaluma does not appear to be a wise strategy,” says Timo. Compared to home prices in neighboring Marin County,Petaluma prices are extremely competitive. “There’s only so many pieces of the pie when it comes to securing a home in Petaluma,” says Timo. If you or someone you know would like to buy or sell in the area in 2024, the Rivetti Team is ready to launch into action.

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Timo Rivetti has been serving his clients with a highly individualized service tailored to specific needs and requirements since 1998. Unparalleled knowledge and expertise in the region is invaluable when it comes to buying and selling real estate. Hiring an agent who knows the area inside out makes all the difference in a competitive market. Timo and his team of experienced professionals work with each and every client to find and secure the perfect property at the best price, with all of the required amenities in the right neighborhood. When it’s time to make a move, call Timo.

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What My Clients Have To Say


Sold a Single Family home in Petaluma, CA.

Timo and his team guided me through the preparation for showing, including all inspections and document gathering, the actual showing, and help with negotiations so it was an easy and successful sale. It was a textbook-positive process.

His team gave me confidence and clarity through the whole experience. I recommend Rivetti Real Estate fully and happily.

Bravo and thank you, Timo!

Rebecca Brown

Bought a Townhouse home in Petaluma, CA.

Timo helped me buy my first house! (Still can't believe it!) I had a lot of questions, but he and his associate Renee were patient, professional, and fast in answering all of them. I found Timo through a friend and he could not have been more helpful and knowledgeable about the whole process for this noob home buyer. Highly recommend he and Renee and am so grateful to my friend for recommending him.


Bought and sold a Multiple Occupancy home in Petaluma, CA.

I cannot say enough about my incredible experience with Timo and his assistant Renee. I am 22 years old and had a dream of buying a house in westside Petaluma. Most people would say that is impossible, well not if you have Timo on your side! Timo walked me through the process and made me feel so comfortable and confident throughout the whole process. Timo truly had my back and did the impossible and I now am a proud owner of a house in west side Petaluma. I will be using Timo for any purchase or sell I ever have, and I recommend you do the same. Thank you again Timo! Together we “Made History”


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