The city’s Bayview neighborhood, along the southern end of the city, had the largest change in median home value of any neighborhood in Trulia’s report. Bayview had a $424,900 median home value in April 2009, which went to $918,300 in April 2019.
“Bayview has changed dramatically, and prices have increased significantly,” says Carrie Goodman, an agent for Sotheby’s International Realty in San Francisco, who adds that her mother actually bought a condo here in 2012, and it has doubled in value. “Bayview … was one of the last affordable places. You could buy a place for under [$500,000], which is why prices have increased so much. A lot of young professionals started buying here recently. It’s a great place to invest money, even now with the prices that have increased.”
However, the neighborhood still has a long way to go, according to Goodman, who says it is still considered “a bit unsafe.”
“Most San Franciscans know Bayview for its low-income housing projects and high crime rate,” Erin Kennelly, executive director of research at luxury real estate company The Agency, tells CNBC Make It. But that stigma is starting to change, he adds, thanks to the city’s attempts to revitalize its waterfront neighborhoods (including Bayview), along with the opening of the Third Street Light Rail in 2007 and the development of new townhomes and condominiums throughout the area.
Median housing prices in Bayview are also still among the lowest of any neighborhood in the city, which attracts buyers looking to “get a foothold in the rapidly appreciating Bay Area housing market,” Kennelly adds.