Housing Prices: By the Numbers

Just in case you thought the Bay Area real estate appreciation was different from the rest of the country, Zillow is here to share the data.  As always, data needs to be taken with some salt as concepts like YoY percentages and medians this or that can hide anomalies.  But the data is still the data as reported by the Comicle

The U.S. is in the middle of a record-setting boom in home values and a massive squeeze in supply. But the Bay Area has been somewhat cushioned from these effects, according to a recent Zillow report.  The report found that in the metropolitan area of San Francisco — which includes Alameda, Contra Costa, San Mateo and Marin counties — home values increased by 7.4% in April 2021 compared to the previous year.  By comparison, home values in the U.S. overall rose 11.6% over the past year. And in some regions, including Phoenix and Austin, Texas, home values soared by more than 20%.

The S.F. and San Jose metropolitan areas actually rank at the very bottom of all major metropolitan areas for home value appreciation, noted Jeff Tucker, a senior economist at Zillow.  But, he said, these trends look very different at the county level.  “The big takeaway that I’m seeing here is, the most expensive parts of the Bay and the most urban parts of the Bay have had the slowest growth rates,” Tucker said.

A lot of that has to do with The Exodus that is a year old now.  The same goes for rentals where the flood of For Rent signs around B'game has abated in months.  But prices are stable according to Zumper

Burlingame ranked as the 7th most expensive city to rent (in the Bay Area).  The price of one bedroom units remained flat at a median of $2,190, while two bedrooms also stayed stable at $3,120.

There isn't really a lot of variation from the fifth highest (Menlo Park) to the 23rd (Concord).  A ton of new units are in progress in B'game so the For Rent signage is likely here for awhile.

Comments

[Paloma Ave]

I just looked up my house on Zillow and this is what is says:

Last 30-day change

+ $145,106 (+6.1 %)