Bay Area 

Quick Take

• South Bay home prices continue to climb, while the East Bay sees more balanced pricing due to increasing inventory.

• The North Bay is experiencing ongoing supply constraints, while San Francisco faces a prolonged decline in available listings.

• Single-family homes remain highly competitive across the region, but the condo market presents more opportunities for buyers.

• Most Bay Area markets still favor sellers, though select areas—like Napa and the San Francisco condo market—offer buyers some negotiating power.

Diverging Price Trends Across the Bay Area

Bay Area home prices are moving in different directions depending on the region. The South Bay continues to see robust appreciation, with home prices in San Mateo and Santa Clara counties rising over 10% year-over-year. North Bay counties, led by Napa’s impressive 21% annual price growth, are also experiencing appreciation. Meanwhile, in the East Bay, home prices have leveled off, largely due to an influx of new listings. San Francisco’s home values remain relatively stable, fluctuating near their two-year average as inventory and demand remain closely aligned.

Inventory Surges in Some Areas, Tightens in Others

The number of homes available for sale varies widely across the region. The South Bay saw a notable 16% year-over-year increase in active listings, while the East Bay experienced an even larger 40% jump in inventory. In contrast, the North Bay continues to struggle with supply constraints, with single-family home listings down 12% annually. San Francisco is also seeing fewer homes hit the market, with inventory declining nearly 16% in the single-family home segment over the past year, further tightening supply in an already competitive environment.

Fast-Paced Sales in Some Markets, Slower Movement in Others

Many parts of the Bay Area continue to see quick home sales. In the South Bay, homes are selling at a record pace, with Santa Clara County listings averaging just eight days on the market. Even in the East Bay, where inventory is climbing, homes continue to move at a steady rate. The North Bay remains competitive as well, with homes selling faster than last year in most counties—except for Napa, where average days on market have nearly doubled. San Francisco remains a divided market, with single-family homes selling well above asking price, while condos take longer to move.

Sellers Maintain Control in Most Markets

Despite rising inventory in some areas, most of the Bay Area remains a seller’s market. The South Bay’s low housing supply continues to give sellers an advantage, while the East Bay still leans in their favor, though that could shift if inventory keeps rising. The North Bay presents a mixed picture—while much of the region remains competitive, Napa County continues to trend toward a buyer’s market with nearly five months of supply available. San Francisco remains split, with sellers dominating the single-family home market, but condo buyers benefiting from a more balanced supply-demand dynamic.