Report: Home prices broke records in Bay Area, nation in the last decade

Home prices more than doubled in more than 70 metros in the country — including in the Bay Area — over the last decade, according to a new report from Point2Homes.com.

While low mortgage rates assisted homebuyers with home prices, recent attempts to reduce inflation by raising interest rates is making purchasing a home more difficult, according to the report. Condo prices are also on the rise and rental inflation makes finding a place to live tougher than ever.

Some homebuyers have much more cause for concern than others: Compared to 2011, the median price of a single family home increased by only 9% in Peoria, Ill. and by 19% in Bloomington, Ill., but it jumped more than 300% in Detroit and Boise, Idaho.

In the Bay Area:

• The average homeowner became a property millionaire in San Jose and San Francisco. Home prices here crossed the $1 million threshold over the last decade.
• San Francisco homes added an average of $208 every day for ten years, going from a little less than $500,000 in 2011 to a median of $1,320,000 in 2021.
• Home prices in San Jose increased by $1 million in the last 10 years, meaning a daily average addition of $266, ultimately reaching $1,900,000 in the second quarter of 2022.

View interactive tables revealing the 10-year evolution of single-family home prices in 187 U.S. metro areas: https://www.point2homes.com/news/research/home-price-evolution-190-u-s-metros-10-years.html.