Study: Bay Area home prices skyrocket over 10 years
PropertyShark took a look back to see how the housing market had fared over the course of a decade, before the pandemic.
PropertyShark analyzed residential sales in the largest cities in the United States and took into consideration all homes sold in 2009 and 2019. Taking inflation into account, price ranges for home price appreciation were tallied, along with home value gains over the past decade.
Takeaways from the study include:
- The national median resale price was $275,000, up 35% over 2009 levels.
- West Coast cities claimed eight of the 10 highest home price gains in the country, with California claiming four of those.
- California’s surging housing market meant those who bought homes in 2009 overwhelmingly sold for a profit a decade later.
- Oakland residents resold at a 113% increase, making it the fastest-appreciating market among the country’s top urban centers.
- San Francisco homeowners resold for 71% more to $1.29 million from its 2009 median of $755,000.
- San Jose properties increased 70% in value, reselling at a median sale price of $836,000 in 2019.
The full study with market-specific data can found here: https://www.propertyshark.com/Real-Estate-Reports/2021/03/29/us-home-price-evolution-2009-2019/
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