AgentMarkets & Economy

Bay Area home values exceed pre-recession prices

Home values in San Francisco and San Mateo counties noticeably exceed 2006 figures
  • San Francisco and San Mateo counties are the most unaffordable regions in the state.
  • Buyers in San Francisco and San Mateo counties must earn a minimum annual income of roughly $250,000 in order to purchase a median priced home.
  • Home values in Contra Costa, Sonoma and Solano counties have yet to exceed pre-recession figures.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Within five Bay Area counties median home prices have fully recovered and exceed pre-recession (2006) figures noticeably, according to the California State Board of Equalization (BOE) San Francisco and San Mateo counties lead the way with median home values that exceed 2006 prices by 42 percent each. According to the board's finding, which looked at year-end 2015 figures, the median home price in San Francisco stood at $1.254 million, while San Mateo had a median value of $1.227 million. Appreciating home values and its affect on affordability are nothing new in these two counties. Recent stats from the California Association of Realtors point to these counties as the two most unaffordable regions in California. Home buyers in San Francisco County need to earn a minimum annual income of $251,980 to qualify for the purchase of a median priced home, as of February. Their monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $6,300. This as...