News
Report: Bay Area Housing Prices Still High
February 26, 2016
The Bay Area's housing prices and rents remain among the highest in the country, according to Paragon Real Estate Group. Despite a recent lull in the market, demand still remains high (though we could be in a bubble and condo supply is exceeding demand). Affordability is down, but not yet to the record lows the area hit in 2007 right before the last crash, according to the San Francisco Business Times.
Here are some of the key findings for San Francisco:
- It would take a minimum income of $254k to buy a median-priced home in San Francisco with 20% down. This compares to a California median salary of $96,640 and a nationwide median of $44,500.
- The S.F. luxury residential market ($2.5M-plus) is red hot in greater Noe Valley with 78 homes up for sale. But you'll have to look to Pacific and Presidio Heights to find the heart of the ultra-high-end homes ($5M-plus).
- Excelsior/Portola is drawing bargain hunters to the sub-million-dollar market. In the past year, 108 homes sold with a median price of $850k.
- Renters in San Francisco continue to pay $3,400/month—a national record. New York comes in a close second at $3,200. Washington, DC; Miami-Dade; and LA round out the top five. [SFBT]
