The pandemic has somehow pushed median Bay Area home prices over $900,000. You read that right—you need nearly a million dollars to purchase an average home here! *insert crying emoji*
As we’ve seen for the last year, high demand for single-family homes in suburban areas and tight inventory has driven home prices up tremendously in most Bay Area counties (with San Francisco home prices being the one exception at less than 1% growth).
All-cash offers, waived inspections, and competitive bidding wars have become a mainstay in the real estate market these days. One agent in San Ramon mentioned seeing luxury homes sell for TWICE the county’s median home value in recent months. And buyers are even looking to snap up properties in outer-suburban cities like Gilroy, Manteca, and Morgan Hill.
All things real estate.