According to a recent real estate study conducted by Trulia, $1 million is the median price for a home in San Francisco. While million dollar homes make up only 3% of the national housing market, they equal a whopping 57.4% of homes in the City. Only four years ago, this percentage was 19.6. That's an increase of 37.8% or approximately 9.5% per year.
San Francisco is not alone in it's propensity of high priced housing. San Jose and Oakland hold the second and third places respectively on Trulia's list. Millions dollar homes in San Jose went from 17.4% to 46.3% over four years while Oakland went from close to the national average at 5.2% in 2012 to 19.7% in 2016.
Below are the San Francisco neighborhoods that have the most million dollar real estate.
- Potrero Hill 76.7% (triple what it was in 2012)
- Mission Terrace 50%, up from .4%
- Mission Bay 88.9% from 14%, one of the largest upticks in the City
- Westwood Park 96% of homes are in the million dollar range from 2.9% in 2012
Three caveats to consider when mulling over this data.
- These numbers are reflective of listings on Trulia's website, which aren't all-inclusive
- Westwood Park is a small borough, with only 11 homes selling within its borders since August 2015.
- The study was conducted based on estimated home values and not recent sales prices.
Neighborhoods with the smallest increase in million dollar homes include:
- Chinatown at 14.4%, up from 6.5%
- Bayview 6.5% up from .9% in 2012
- Visitacion Valley 2.9% VS .4%
- Tenderloin 5.4%, double what it was in 2012
Article excerpt from sf.curbed.