The Bay Area's real estate market is rapidly shifting, with homes priced under a million dollars becoming increasingly rare. A decade ago, about 70% of single-family homes in the region sold for less than this amount; by 2024, this percentage has shrunk to just 26%. The scarcity of affordable homes has made it difficult for first-time buyers to enter the market, particularly in cities like San Francisco and Oakland, where median starter home costs necessitate extraordinarily high incomes. This shift has prompted many residents to seek housing in more affordable areas outside the Bay Area, affecting local businesses and employment dynamics.
Over the past decade, the percentage of homes sold under $1 million in the Bay Area has plummeted, contributing to a looming crisis for first-time buyers.
With only 26% of homes selling for under a million dollars in 2024, the Bay Area increasingly caters to the ultra-wealthy, making homeownership elusive for the middle class.
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