In 2024, the typical value of a Bay Area home was nearly $1.2M
in the Bay Area had a typical home value over $1 million in 2024
In 19 Bay Area cities, the value of a typical home more than doubled between 2000 and 2024
Introduction
What are homes worth in the Bay Area?
Home values are influenced by many factors, including the supply of homes and the strength of the local economy. The desire to own a home instead of renting is also a factor. In the Bay Area, demand has historically outpaced the supply of new homes. Home values saw dramatic increases in the wake of the COVID-19 pandemic, though that trend began to reverse after 2022 as the cost of borrowing has gone up. Still, the Bay Area remains one of the most expensive regions in the country for housing costs, hampering access to the region and its labor market, while placing a high cost burden on many families.
Regional Performance
Bay Area home values have experienced dramatic fluctuations over the past two decades, shaped by economic cycles, industry growth and shifting demand.
In 2006, after reaching an inflation-adjusted high of just over $1.1 million, the typical home value began to decline as the housing market bubble collapsed and the Great Recession set in. The typical home value in the Bay Area hit a low of $652,000 in 2012, after adjusting for inflation. However, values increased significantly during the 2010s, fueled by the region’s tech boom and national interest rate policy. Home values in the Bay Area peaked at $1.286M in 2022.
In 2024, the typical home value in the Bay Area was $1,184,000, lower than the 2022 peak but still an inflation-adjusted 82% increase since 2012. What happens to Bay Area home values next will depend on how local jobs, national interest rates and housing policy change in the coming years.
Typical home values in the Bay Area went up by 75% in inflation-adjusted dollars between 2000 and 2024
Typical home values in the Bay Area peaked in 2022 at $1.285M
Historical Trend for Home Values
Local Focus
Communities in Solano County are the least expensive options for homebuyers in the region, while Silicon Valley communities in Santa Clara and San Mateo Counties have the highest home values.
The most affordable housing options in the Bay Area are located in Solano County, where in 2024 the typical home value ($583k) was approximately 51% lower than the average regional value of $1.13 million. While homes in Solano County are often newer and more affordable than the region as a whole, residents may face higher commute times and costs due to their distance from major job centers.
At the other end of the spectrum, the highest typical home values can be found in Silicon Valley, where many cities far exceed the regional average. In 2024, the highest typical home values were Atherton ($7.05 million), Los Altos Hills ($5.35 million) and Hillsborough ($4.86 million).
In 2024 the typical home value in Solano County was $583k, the lowest among Bay Area counties
In 2024 the typical home value in Santa Clara County was $1.55 million, the highest among Bay Area counties
Home Values by Year for Cities and ZIP Codes
Zoom in to see more details, including typical home values for ZIP codes. Click on a shape on the map for more information.
Sources & Methodology
Zillow Home Value Index (ZHVI) is a measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range, and is available as a smoothed, seasonally adjusted measure and as a raw measure. As of January 2023, Zillow has updated their ZHVI methodology to leverage the neural Zestimate algorithm for estimating home values, which leverages neural networks and incorporates deeper history of property data such as sales transactions, tax assessments and public records, in addition to home details such as square footage and location.
Bay Area regional home values are derived from the ZHVI at the county level while accounting for the relative size of each county's housing market. The regional values are calculated as weighted averages of county-level annual ZHVI data, with weights based on the number of housing units in each county (sourced from California Department of Finance datasets).
Data are adjusted for inflation using Bureau of Labor Statistics metropolitan statistical area (MSA)-specific series. Inflation-adjusted data are presented to illustrate how home values have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of the CPI itself.
Zillow: Zillow Home Value Index (ZHVI)
2000-2024
California Department of Finance
E-8 Historical Population and Housing Estimates for Cities, Counties, and the State
2000-2020
California Department of Finance
E-5 Population and Housing Estimates for Cities, Counties, and the State
2020-2024
Bureau of Labor Statistics: Consumer Price Index
2000-2024
US Census ZIP Code Tabulation Areas (ZCTAs)
2020 Census Blocks