As of last month, San Mateo County’s median home price has overtaken San Francisco’s median home price for the first time since 2007, supplanting San Francisco’s place as the most expensive Bay Area housing market.
The median home price in San Mateo County was $1.47 million in April, compared to $1.39 million in San Francisco. The Bay Area’s median home prices are up 15% from last year overall, with a median home price of $980,000 across the entire area.
The trend of increased home prices seems likely to continue as the report found lower priced inventory continuing to decline compared to last year. Sales activity was driven in large part by high priced homes. Homes priced between $2 million and $3 million increased by 35 percent from last April.
The data also still shows an incredibly competitive housing market with homes on the market for only an average of 11 days and 75 percent of homes sold over asking.Read More