Economic Development Reporter- Silicon Valley Business Journal
For those on the fence about selling a home in San Francisco, Fremont or San Jose, now would be a good time to pull the trigger.
Silicon Valley’s post-recession real estate boom is well documented, but a new ranking shows that the three disparate Bay Area cities are currently the best large markets in the country to sell a home. That’s according to a recent ranking by the Movoto Real Estate Blog, which analyzed the 100 most-populated U.S. cities.
It’s also worth noting that residences in smaller but notoriously affluent Silicon Valley cities like Los Altos, Palo Alto and Atherton routinely command seven-figure sale prices.
However, the Movoto ranking went beyond home listing prices to determine the best markets for sellers. Competition in local real estate markets (ie: the number of homes on the market and average time of sale), crime rates, school quality and unemployment rates were all factored in.
The upshot of the residential real estate report:
1. Fremont: The East Bay city had the most appealing mix of the variables analyzed, with a median listing price of $640,000 and median time of 25 days on the market. Prospective buyers in the city also have money to spend, bringing in a median household income of $98,513.
2. San Francisco: At $799,000, San Francisco had the highest median home listing price of any large U.S. city. While unemployment is a low 5.4 percent, the city is full of expensive available homes with a ratio of one property for every 869 residents. As a result, the median number of days on the market is 50, or twice the wait sellers are finding in Fremont.
3. San Jose: San Jose has a relatively high 7.2 percent unemployment rate, but home sellers in the South Bay city are still listing property at a median $609,000. The median amount of time on the market is 43 days.
Lauren Hepler covers economic development, sports, and hospitality for the Silicon Valley Business Journal. She can be reached at 408.299.1820