For those of us that live here, it comes to no surprise that the East Bay is leading the Bay Area in home price gains. With top rated schools, close proximity to commute routes, a robust system of parks and trails and home to many corporations, the East Bay remains a constant real estate hotspot. Buyers seeking more space or pleased to find that even in the middle of suburbia, you remain close to everything.
Low inventory has been fueling bidding wars during the pandemic. Ten East Bay cities saw home prices rise 25% or higher in the past year alone. Home prices grew the most in Union City, Dublin, Pleasanton, San Ramon and Danville, according to a Zillow survey of typical home prices in 99 cities across the Bay Area for a 12-month run ended on February 28. Typical home prices are calculated by Zillow economists by averaging the median 30% of homes sold.
The average home in Danville this February was priced at $2.5 million, a 27-percent jump over the $1.93 million paid in February 2021. Prices in San Ramon rose 28 percent to $1.8 million, while homes in Pleasanton rose 30 percent to $1.7 million. Despite reports many people have been leaving the East Bay, there is an influx of buyers from the South Bay and Peninsula areas targeting the desirability of our suburban communities. In comparison, the typical home in San Francisco rose only 12 percent to $1.6 million in February. People no longer desire to be walking distance to their office and in the center of the nightlife.
According to a February report from the Bureau of Labor Statistics, more than 60% of companies nationwide plan to keep their expanded work-from-home privileges. The option to work from home is here to stay. With interest rates on the rise, buyers are motivated to make their purchase now.
Are you thinking about making your next move? Arrive with us! Contact Arrive Real Estate Group today to learn how we can help you.