3 key selling trends in the Bay Area

1. Schools

Medford notes that no matter where in the Bay Area you are selling your home, and no matter whether you are selling a two-bedroom condo or a sprawling single-family property, schools are again “of significance” in this market.

Schools are “up there with eternal salvation,” Medford jokes, though the average buyer in this area is likely to be educated and to value a solid education. 2021 Census data shows 58.8% of adults in San Francisco County hold a Bachelor’s degree or higher, compared to a national average of 37.9%.

If prospective buyers have children or grandchildren in the home to consider, area schools will likely be a priority. Even if they don’t, an educated populace is keen to value strong education — so school quality and academic calendars will likely influence this market in the long term.

2. The tech industry

Silicon Valley hiring and layoff waves influence the market very heavily across the Bay Area, says Medford. “The closer you get to Silicon Valley, the higher prices go,” he states, indicating that large employers nearby and high-quality schools are, especially when paired together, dominant edges your property can have in this market.

“So many of the workers in Silicon Valley come in from offshore,” he adds, “you’re dealing with that layer on top of everything else.” Depending on these workers’ backgrounds, employers, and needs, relying on your Realtor’s intensive and current knowledge of the market is crucial. Be sure your agent has a keen awareness of this nuance and recent related data impacting sales in the area.

3. Condos and townhomes are trending upward

California condo and townhome median prices hit a new high in April 2022 at $700,000. This number has been trending upward for quite some time, more-or-less on a steady rise since 2013. In fact, this median price growth has outpaced that of single-family homes in this market.

With single-family homes increasingly out of reach for many buyers, the market for condos, townhomes, and similar property types is increasingly in demand. And because of this demand, tighter inventory has driven average prices up.

This fluctuating inventory may influence your decision to sell now or wait. Check with your real estate agent to gauge whether the historical data is holding true in your area now, or if you might consider other local factors in your decision to list– or to hold off.