Bay Area home value changes in the last year

Green Escrow | Real Estate News

We all know Bay Area home values are some of the highest in the nation. Below are the 5 cities where values have increased the most from November 2022 to November 2023:

  1. San José up 5%
  2. Santa Clara up 4%
  3. Fremont up 4%
  4. Sunnyvale up 3%
  5. Livermore up 3%

These cities have seen the largest decline in home values from November 2022 to 2023:

  1. San Francisco down 6%
  2. Oakland down 4%
  3. Berkeley down 3%
  4. Richmond down 3%
  5. San Mateo down 3%

Bay Area Home Values Continue to Rise

Real Estate Growth

Throughout most of the country, starter homes show the greatest value for homebuyers. But not in the Bay Area where ALL homes are showing significant appreciation.

For examples, homeowners in the San Jose metro area who purchased in the lower third of the market saw a significant 18 percent return in 2017 while the high-end buyers saw a 18.9 precent increase.

Nationwide, starter homes appreciated 8.5 percent last year while those homes in the top tier saw a far more modest 3.6 percent return.

Not All Bay Area Counties Have Set New Home Price Records

Green Escrow Services | Adding value to home

Given the rather astonishing rate of home value appreciation in theBay Area over the last couple of years, it seems hard to believe but only five of the nine counties have set new highs for median sales price.

The counties that have set new records include:

  • Alameda County – February’s median price of $786,000 is 10 percent higher than the pre-recession record
  • Marin County – February’s median price of $1,174,500 is 2 percent higher than the June, 2007 record
  • San Francisco County – $1,276,000 in February is a whopping 27 percent higher than the May 2007 record
  • San Mateo County – currently the state’s most expensive housing market, with a February median sales price of $1,352,000, which is up 28 percent from the previous high
  • Santa Clara County – February’s median sales price was $1.1 million, 24 percent above the previous high set in 2007

The following counties have not recorded new highs:

  • Contra Costa County 554,250, the median sales price is still 23 percent shy of its previous high recorded in May 2007
  • Napa County – $660,000 is still 10 percent lower than the pre-recession high
  • Solano County – February’s median sales price of $382,500 is 25 percent below the previous high
  • Sonoma County – $598,640 in February, 8 percent short of the pre-recession peak in January 2006