Median home price in San Mateo County over $2M. Sales of homes priced at $3M+ more than doubled.
Bay Area Luxury Home Market Flying High in Q2 2021
The luxury home market in California’s Bay Area flew with the eagles during Q2 2021. In San Mateo County, home to San Jose and Silicon Valley, the median home price hit $2.1M. This is the first county in the Bay Area where median home prices passed this $2M milestone, according to latest reports from Compass.
An eye-popping 1,785 homes were sold above $3M, a jump of +137% from the former pre-pandemic peak in Spring. 2019.
Wealthiest Have Only Become Wealthier
Patrick Carlisle, the chief market analyst with Compass, said, “The wealthiest demographic was least negatively affect by the pandemic. In fact, their wealth has increased dramatically since the pandemic struck as they are most likely to be invested in financial markets. They have the money and they want bigger homes in more rural or suburban counties, with bigger yards. The pandemic motivated them to spend their money on a higher quality of life.”
San Francisco’s Suburbs’ Median Prices
Median home prices in many of San Francisco’s suburbs have increased over $200,000 since the end of 2020.
San Mateo County’s overall median home prices climbed from $1.85M in Q1 2021 to $2.1M in Q2 2021. During Q1, some 168 homes priced at $3M+ were sold in San Mateo County and in Q2 2021, nearly 350 homes priced at $3M+ were sold.
Specific towns within San Mateo County saw higher median prices including:
- Menlo Park – nearly $3M
- Burlingame – nearly $3M
- Portola Valley – nearly $3.3M
- Woodside – nearly $4.5M
- Hillsborough – $5.65M
- Atherton – nearly $8.3M
San Francisco’s Neighboring Markets’ Median Prices
San Francisco’s median home price during Q2 2021 was just below that of San Mateo’s at $1.9M. Many of The City’s northern neighborhoods saw median home prices twice or triple the amount of The City’s median. Take a look:
- Pacific and Presidio Heights – $6.75M
- District 7 including Cow Hollow and the Marina saw 63 sales of homes priced over $5M between June 2020 and June 2021
- Of the 21 homes sold that were priced +$10M during June 2020 and June 2021, 18 homes were in District 7
- District 5 (Noe Valley, Eureka and Cole Valleys, Ashbury Heights, Buena Vista Park) had 84 sales of homes priced between $3M – $4M and 78 sales of homes priced between $4M – $5M
The City’s Condo Market Reawakening
The San Francisco Bay Area’s condominium market was hard hit by the pandemic. Now, as of Q2 2021, this condo market has come back to life.
According to Compass’s Carlisle, “The condo market was much more negatively affected by shelter in place. People didn’t like those shared hallways and elevators and became desperate for open space. But that is turning around with the vaccine rollout.”
Nearly 1,200 condominiums, not including new-project condo listings and other sales not reported to the MLS, were sold in The City during Q2 2021. The median sales price came in at $1.24M, the same as in Q2 2019 and $85,000 more than in Q2 2020.
Thanks to Compass and therealdeal.