Bay Area city ranked 1st for most expensive homes in America: report

(KRON)—With decreasing home buyer rates, the Bay Area has proven to be one of the hardest areas to be a homeowner in compared to the rest of the country. One study further confirmed that sentiment, as according to the latest report by RE/MAX, one Bay Area city ranked first for having the highest median home sale prices in the nation. 

According to the report, San Francisco has had the most expensive median sale prices in the nation for the past two years. It is also the only city in America with a median price sale of over $1 million, the report states.

“Despite the Feds’ lack of action to lower interest rates as widely expected, the median sales price in the San Francisco Bay Area, while down from all-time highs, still leads the nation,” Tim Yee said, a broker associate with RE/MAX in San Francisco.

Averaging at just under $1.2 million, San Francisco experienced an 11.6% increase in median prices from last year. Despite the increase in price, San Francisco home sales have decreased by nearly 10% overall since last year, the report states. 

“The inventory in all Bay Area markets is climbing from the tepid numbers of 2023 as sellers appear to be tired of waiting for a major interest rate decrease and want to move on while prices remain relatively stable,” Yee said.

With steadier interest rates, the study reports a quick turnaround time of a San Francisco home selling in 24 days– two days faster than last year’s average. San Francisco’s turnaround time for selling a house is nearly 20 days faster than the nation’s slowest turnaround times for home sales in Las Vegas. 

“Pending and closed sales across the San Francisco Bay area are slightly lower in most markets, and inventory is climbing,” Yee said, referring to the 20% increase in the number of new listings compared to last year. “This should help stabilize pricing and bode well for potential buyers if the much-anticipated interest rate reduction occurs during the latter half of the year.”

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