High Priced Homes Returning to Bay Area Real Estate Market

The past two months in the Bay Area and around the world have been unprecedented. The effect the Coronavirus has had on all areas of the economy has been devastating—this has included the real estate market. Fortunately, we are beginning to see a light at the end of the tunnel in the Bay Area real estate market and high-priced homes are returning to the market—a good sign for the overall health of the market.

A recent Zillow study showed that there were “12.4% more expensive listings and 13.3% more affordable listings last week than the week before in San Francisco.”

Yes, these numbers are still down 37.1% from this time a year ago, they are still over 18% higher than just the previous week. This has also created good news for those looking to buy: the median list price for a home was $904.188, which is about 1% less than last year.

The survey also found that “the most-expensive homes were down 16.2% year over year, and new listings of the most-affordable homes are down 24.5%. But from the week before, there were 76.7% more expensive listings and 25.1% more affordable listings last week.”

Yes, things may not be as good as they were a year ago, but we are starting to see signs that the market is slowly returning to normal.