The April Housing Surge in the San Francisco Bay Area

Housing and Market Updates

The April Housing Surge in the San Francisco Bay Area

The April Housing Surge in the San Francisco Bay Area

April 2024 has brought a remarkable surge in the San Francisco Bay Area housing market. Median home prices have risen significantly across six local counties, reflecting a robust and thriving market. Let's dive into the specifics and uncover the trends shaping this dynamic region.

April 2024 Market Statistics

Here’s a look at the median home prices and the year-over-year percentage changes for six key counties in the Bay Area:

  1. Santa Clara County

    • Median Home Price: $2,000,000
    • Percentage Increase: 13% from 2023
  2. San Mateo County

    • Median Home Price: $2,080,000
    • Percentage Increase: 16% from 2023
  3. Santa Cruz County

    • Median Home Price: $1,420,000
    • Percentage Increase: 5% from 2023
  4. Alameda County

    • Median Home Price: $1,400,000
    • Percentage Increase: 17% from 2023
  5. Monterey County

    • Median Home Price: $970,000
    • Percentage Increase: 8% from 2023
  6. San Francisco County

    • Median Home Price: $1,780,000
    • Percentage Increase: 15% from 2023

Fastest and Slowest Selling Markets

Santa Clara County leads the region in terms of the speed of home sales, with homes staying on the market for an average of just 13 days. This rapid turnover highlights the tech hub's desirability and the competitive nature of its real estate market.

On the other end of the spectrum, Santa Cruz County sees the longest average time to sell a home, with properties staying on the market for about 30 days. While still a relatively quick turnaround, it indicates a more balanced pace compared to Santa Clara county.

Highest Home Prices and Increases

The Bay Area has witnessed phenomenal growth in home sales prices over the past year, with increases ranging from 5% to 17%. Alameda County stands out with the highest year-over-year growth, seeing a remarkable 17% increase in median home prices.

Comparing this to the national level, the National Association of Realtors reports that the median home sales price across the US grew by 5.7% from April 2023, reaching $407,600—the highest price ever recorded for the month of April. Santa Cruz County’s 5% increase aligns closely with this national trend, showcasing its steady yet significant growth.

Record-Breaking Prices

In addition to robust growth rates, the Bay Area has seen some of its highest home prices ever. Both Santa Clara and San Mateo Counties have eclipsed the $2 million mark for median home prices, underscoring their status as some of the most desirable and expensive real estate markets in the region.

Conclusion

April 2024 has cemented the San Francisco Bay Area's reputation as a powerhouse in the housing market. With significant increases in median home prices, rapid sales in certain counties, and record-breaking prices in others, the region continues to attract homebuyers and investors alike. As we move forward, it will be crucial to monitor these trends and understand their implications for both local and national markets.

Stay tuned for more insights and updates on the San Francisco Bay Area housing market! Whether you're buying, selling, or simply keeping an eye on market trends, this dynamic region promises to remain a focal point of real estate activity.  If you'd like more information about a particular city or neighborhood, please reach out!  We love where we live and love sharing all our insights and insider knowledge!


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Janet Souza

Hello! I'm Janet Souza, lifestyle blogger and REALTOR® at Christie's International Real Estate Sereno. I live and work in Silicon Valley and love everything our wonderful area has to offer. If you live in Silicon Valley or are thinking about moving here, you've come to the right place! Stay up to date with local events, theater, concerts, Real Estate and more! 

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