But the differences from the Bay Area compared with the state and U.S. averages are even more stark. As of February 2022, the median sale price per square foot for the U.S. was $218, compared with $501 for California. The median price for the San Francisco metro area was twice that of California’s and five times the median for the U.S. at $1,062 per square foot.
The geographical pattern in the Bay Area is clear: San Francisco and the South Bay command the highest prices, with costs going down as you move farther out to the east and north.
Sunnyvale topped the list with the most expensive square footage price of $1,113 in February 2022. That price was slightly below the city’s high of $1,142 during the previous decade, reached in May 2018, according to Redfin.
Many Silicon Valley neighborhoods have some of the most competitive real estate markets right now, with a high percentage of homes sold above listing, and low median days on the market. Experts point to the desirable suburbs that are centrally located in the Bay Area, and near good schools.
San Francisco came in second at $1,091 per square foot. The only other time during the past decade when prices were higher was in March 2020 at $1,117 per square foot. The San Francisco housing market has long been notoriously expensive — home prices have nearly doubled in a decade, and inventory is low, with not enough new housing being built due in part to the city’s strict zoning regulations and difficult approval process.
San Jose’s price per square foot was in the middle of the list at $876. Prices have increased relatively steadily over the past decade, with a sharp peak in April 2018 at $731 per square foot, followed by a big drop that ended in January 2019 at $619 per square foot.
In the East Bay, Concord has seen a much more gradual increase in price per square foot, reaching $531 in February 2022. By comparison, San Francisco hasn’t had a median sale price per square foot that low since March 2012.
Santa Rosa was second lowest on the list at $455 per square foot, and Vallejo had the lowest price per square foot at $371.
Kellie Hwang is a San Francisco Chronicle staff writer. Email: email@example.com Twitter: @KellieHwang