San Francisco Bay Area Real Estate Market Survey

Selected Snapshots of Comparative Market Values & Dynamics

Bay Area home prices continue to show mixed movement across counties. In July 2025, Santa Clara’s median price reached $2,033,500, up 4.3 percent year-over-year, while San Mateo followed closely at $2,000,000, reflecting a 4.8 percent increase. Marin recorded slower growth at 0.6 percent with a median of $1,760,000, and San Francisco’s median remained at $1,710,000. Napa posted the strongest gains in the region, with prices up 12.1 percent compared to last year.

Listing activity points to seasonal cooling, but higher inventory than a year ago. New listings in July were down nearly 5 percent compared to July 2024, and active listings declined from June, though they remained 23 percent above last year’s levels. Pending sales mirrored seasonal slowdowns, falling from May 2025. The pending sale ratio for July dropped 14 percentage points year-over-year, signaling softer buyer demand.

Price adjustments and transaction volumes underscore this cooling trend. Price reductions were up 30 percent compared to July 2024, while overall sales slipped 3 percent from June and 4 percent year-over-year. Luxury sales followed a different path: transactions above $5 million dipped in July but remain up 22 percent year-to-date, closely tied to stock market performance and broader economic conditions.

Long-term, median home prices across the Bay Area continue to fluctuate with economic cycles, yet appreciation has been substantial in select markets. Santa Clara, for example, recorded a 52 percent gain between 2019 and 2024. Demographic and income factors also weigh heavily on market dynamics. The median age of residents is climbing across the region, average household income in San Francisco now exceeds $219,000, and foreign-born residents form a significant share of the population, especially in major urban centers.

Together, these patterns reflect a housing market balancing between resilience and cooling demand, with local conditions, demographic pressures, and economic forces shaping outcomes county by county.