Generally speaking, after years of high appreciation rates, annual 2019 Bay Area median home prices went down a little bit, went up a little bit or basically remained unchanged as compared to 2018. Santa Clara County prices dropped the most in the Bay Area, but it must be remembered that it appreciated the most in the previous year. Indeed, Santa Clara may have been the hottest market in the country from mid-2017 to mid-2018, before suddenly cooling down.
For 2020, economist Ken Rosen at UC Berkeley has said he expects the Bay Area median price to remain basically flat, within a general range of up or down 2% – in other words, roughly similar to what happened last year. We can’t predict the future, but that doesn’t sound unreasonable, and happily avoids the sensationalism of many other media-grabbing forecasts.
Median sales prices are generalities and not exact measurements of changes in fair market value. They can be affected by a number of factors and are sometimes subject to anomalous fluctuations. How they apply to any particular home is unknown without a specific comparative market analysis.
Economic Factors Affecting
Real Estate Markets