With millions out of work, and restaurants, shops and retailers closing, one spot in the economy shines for thriving and affluent professionals — Bay Area real estate.
As if the devastating pandemic had passed over the tech campuses, Spanish-tiled roofs and Tesla-filled garages of Silicon Valley, luxury home sales exploded in August and drove median prices up 16 percent from the previous year to levels approaching the market peak in 2018.
The median sale price for an existing single family home in August in the Bay Area was $975,000, according to DQNews data. The gains were driven by a limited supply of properties for sale and a greater portion of high-end homes selling, agents and economists said.
“We’ve never seen such high price appreciation in a recession,” said Selma Hepp, deputy chief economist with real estate data firm CoreLogic. “The recession hasn’t hit everyone the same way.”
Year-over-year prices soared