Bay Area home values are once again stretching to new highs, where there is high demand but not enough supply.
According to the California Association of Realtors, the median home price for homes in San Mateo and Santa Clara counties are at least $2 million. There are nosebleed levels for San Francisco and Alameda as well.
“We’re seeing many offers per house, multiple offers per house,” said Lynsie Gridley, an agent with Compass.
Some young Bay Area residents told NBC Bay Area on Thursday that they can’t imagine being able to buy a home in the region.
“We very much have still a very strong job market locally. The desire to live here locally in this beautiful place. So the demand to live here is still very, very high,” Gridley said.
The demand is so high, that the Bay Area once again tops what Zillow calls its “heat index:”
As for how people come up with the money to buy in the Bay Area, the answer is not all that surprising, they are cashing in stock.
With tech stocks reaching all-time highs these days and the typical down payment somewhere near $400,000. Most people and agents told NBC Bay Area Thursday that many residents are buying the homes with stock options.
