If you’ve spent more than a moment in the Bay Area, you’ll understand that rental prices are at an all-time high and are frankly, unmanageable. While purchasing a house in the Bay Area is a huge decision, home buyers (especially families) almost immediately see the benefit of home ownership. According to a study done by Orange County-based data firm Core Logic, home sales in the Bay Area dropped 15.2% from November 2017 to November 2018.
However, things are starting to look up. The average home price in November 2018 was $815,000, while it was $875,000 in the summer months. These prices reflect the average of all homes in the Bay Area, including San Francisco, Marin, Walnut Creek, and other similar neighborhoods.
Richmond, San Pablo, El Cerrito, El Sobrante, and Pinole are wonderful up-and-coming communities that are attracting individuals and families. Crime statistics are going down, houses are more affordable than in Berkeley and Oakland, a wide variety of industries are moving here for business, and we have a rich history with plenty of beautiful parks, trails, museums, shops, restaurants, and much more.
In 2019, it is expected that there will be a short period in favor of buyers. As the economy and employment grow in California and the Bay Area, so will home prices.
If you have any questions about Bay Area real estate or what the 2019 economy means for you, please do not hesitate to contact us.
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