You would imagine that the hottest real estate markets would be in metropolitan areas, like San Francisco, New York, Seattle, Los Angeles, etc., but it was Chico, California. As a result of the Camp fire, which was the worst wildfire in California’s record history that incinerated thousands of homes in the area, Chico saw a soaring demand in real estate. Realtor.com reported that the median home price in Chico rose to $330,000, 15 percent more than the previous year, and the number of views per property soared 76 percent compared to the year before. “With the existing inventory forced to absorb the sudden demand, the market is very tight right now, and it remains unclear if it eases as things settle down in the coming months” Realtor.com stated in the report.
The destruction due to the Camp fire is a result of various factors, such as forest mismanagement, and increased building in ecosystems that initially evolved to withstand occasional fires. However, state officials have consistently said that climate change is the primary force behind this unfortunate event. Fires and the destruction they leave behind may foreshadow what is to come in the real estate market as climate change gets worse.