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Median Prices Indicate a Desire for Homes Outside of the City

Living in the city has numerous benefits, including a shorter commute and convenient access to shops and restaurants. With the onset of the Coronavirus pandemic, people searching for a home have been more likely to look outside the city for their next home. Recent statistics show an increase in buyers who prefer homes in the suburbs.

In Marin County, just over the Golden Gate Bridge in San Francisco, the median home price was $1.55 million in the third quarter of 2020, compared to $1.28 million last year, a 21% year-over-year increase. In Santa Clara County, the median price for a single-family home in the third quarter was $1.4 million, up from $1.24 million in 2019. Both indicate a desire for bigger homes outside of the City. These stats from Compass’ Chief Market Analyst Patrick Carilsle.