In the past five years, home values in the East Bay and South Bay have increased by over 50%, while areas in San Francisco and Oakland have experienced decreases between 12% and 21%. The surge in demand has been driven by COVID-19, with many seeking larger living spaces due to remote work and safety concerns. The median sales price for single-family homes in the Bay Area reached $1.4 million, with significant variations across counties. Recently, interest in East Bay housing has begun to cool following the previous spike in demand.
Home values in much of the East Bay and South Bay have surged by over 50% in the past five years, while values in San Francisco and Oakland have fallen between 12% and 21%.
COVID-driven demand for larger living spaces, safety and quality of life concerns, along with high interest rates, propelled these trends in the Bay Area real estate market.
Shalini Reddy Sadda noted that the impact of COVID on remote work was the biggest driver of the exodus from San Francisco, with people needing extra office space.
Mikayla Weissman described the market from 2020 to 2022 as exceptional, stating the East Bay's offering of more space and outdoor environments contributed to its competitive edge.
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