The biggest markets for ultraluxury homes in the Bay Area are Silicon Valley’s San Mateo and Santa Clara counties.
Silicon Valley Continues to Attract Big Spenders
The lure of tech magic and tech fame endures in the Bay Area’s Silicon Valley. The fact that Silicon Valley’s Santa Clara and San Mateo counties offer the promise of luxury homes only adds to the area’s magnetic draw.
According to a new report from Compass, sales of homes with price tags of $5M and up have spiked an eye-opening +142% since 2019. Patrick Carlisle, Compass’s chief market analyst in the San Francisco Bay Area and the report author, said that this sales burst of +142% in luxury homes since 2019, “…far exceeded the increase in sales in the overall area.”
Sales Fueled by Affluent Buyers Migrating to Greener, More Spacious Homes
Carlisle said, “Part of this is due to simple home-price appreciation, but another factor has been a significant surge in the sale of larger homes and estates in more expensive locations. Our largest markets for $5M+ homes are in Santa Clara and San Mateo counties (especially in what we call the ‘Stanford Circle’ region), which together make up the Silicon Valley market.”
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Luxury Price Specifics
This latest Compass report on luxury sales in the Bay Area’s Silicon Valley indicated that Santa Clara and San Mateo counties registered 315 and 314 sales, respectively, of homes priced at or over $5M in the last 12 months.
San Francisco placed third in this lux-home race with 196 luxury sales in the last 12 months. Lake Tahoe placed fourth by registering 131 sales during this same period.
Currently, the highest priced listing in Silicon Valley is a $135M home in Woodside CA, in San Mateo County.
The highest regional sale in 2021 was for a home priced at $35M in San Mateo County.
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Thanks to Compass and Mansion Global.
