SAN FRANCISCO (KRON) — Real estate values across much of the Bay Area are the fastest dropping in the nation, according to a recent report from RealEstateAgents.com. The report, released late last month, identified the San Francisco-Oakland-Hayward market and San Jose-Sunnyvale-Santa Clara market as the no. 1 and no. 2 fastest dropping markets in the country in terms of real estate values over the past year.
The study compared median home prices for single-family homes between the fourth quarter of 2021 and the fourth quarter of 2022.
The SF-Oakland-Hayward market saw a 6.10% decrease in value, with median home sale prices dropping from $1,310,000 in Q4 of 2021 to $1,230,000 in Q4 of 2022, the report said. The San Jose-Sunnyvale-Santa Clara market saw a 5.8% decline over the same time period, with media prices going from $1,675,000 to $1,577,000.
The report cites people leaving the SF Bay Area during the pandemic, traffic, and companies offering remote work as reasons for the drop in real estate values.
A recent report from Redfin also indicated that home sale prices had recently declined in some Bay Area markets. Over the past four weeks, home-sale prices in San Francisco fell 8.7%, while prices in Oakland dropped 11.9%.
Markets that saw the fastest growing real estate values over the past year include Farmington, New Mexico and the North Port-Sarasota-Bradenton, Florida area, according to RealEstateAgents.com.