Bay Area Market Review 2022-2024
Date: 12 February, 2025 Published by: Bay Area Housing Trends
Overview of Historical Housing Market Data (Single Family Houses Only)
Accurate housing information is essential for understanding the market. While some buyers suggest that an abundance of all-cash offers leaves little opportunity, or that a market crash is imminent, the following data from the Multiple Listing Service (covering the 12 cities I track) provides a clearer picture:
- 2022:
- Total Houses Sold: 4,336
- Average Sales Price: $2,917,285
- Cash Transactions: 712 (16%)
- 2023:
- Total Houses Sold: 3,733
- Average Sales Price: $2,864,014
- Cash Transactions: 795 (21%)
- 2024:
- Total Houses Sold: 4,216
- Average Sales Price: $3,091,937
- Cash Transactions: 871 (21%)
Key Observations:
- Sales Volume:
In 2024, the total number of houses sold slightly decreased compared to 2022 but increased relative to 2023. As any current buyer knows, the slight drop in sales volume is less about buyer demand and more about lack of inventory, and continuing high interest rates! - Price Trends:
The average sales price dipped in 2023 before rising to a new high in 2024. - Cash Buyer Trends:
The proportion of cash transactions increased from 16% in 2022 to 21% in 2023, remaining steady in 2024.
For detailed, city-specific information, please refer to the accompanying table. Any questions? I’d love to hear from you, message me at 650-224-4747!
