Bay Area home prices jumped by double digits in December compared to the previous year, topping $1.1 million for the typical home. Will it end? Said one economist: “The Bay Area is not consid…
The Bay Area real estate market finished 2021 with sales and home values climbing at their fastest rates since the pre-pandemic frenzy of 2018, back when the typical home price was still under $1 million and a few suburban bargains remained.
The median sale price for an existing single-family home in the Bay Area rose from $939,000 last December to $1.1 million in December 2021, according to CoreLogic and DQNews data. The rising prices were led by Santa Clara County, up nearly 24% to $1.55 million, followed by Alameda County, up almost 16% to $1.1 million, and San Mateo County, up 12% to $1.68 million. San Mateo remains the region’s priciest county.
Even as the pandemic heads into a third year, “people are largely better off” financially, said CoreLogic senior economist Selma Hepp. The $1 million list price might well become the new normal in attractive destinations like the Bay Area and parts of Los Angeles, she said. Millennial homebuyers have become a greater portion of market in recent years, as young families looking to settle into their first home found low interest rates and remote work careers that demanded more space. “Everywhere you look, they had reasons to buy,” she said.
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