Bay Area housing market, February 2023
By Sean Rossiter. Redfin data for December to February 2023
From December to February 2023, the single-family median sale price rose from a year earlier in 4 of 23 cities and fell in 19. 1,875 homes sold across all 23 cities, and 36.4% sold above list price. Medians ran from $950,000 in East Palo Alto to $10,500,000 in Atherton.
Biggest price changes
Single-family median, compared with a year earlier. Cities with at least 20 sales.
Up the most
- Los Gatos: up 4.5% to $3,033,000
- Redwood City: up 0.7% to $2,050,000
- Menlo Park: down 0.1% to $2,712,500
Down the most
How fast homes sold
Median days on market for single-family homes. Cities with at least 20 sales.
Fastest
- Cupertino: 13 days
- Foster City: 14 days
- Santa Clara: 15 days
Slowest
All 23 cities
December to February 2023. Sorted by single-family median.
| City | Single-family median | vs. a year earlier | vs. last month | Days on market | Sold above list | Condo median |
|---|---|---|---|---|---|---|
| East Palo Alto | $950,000 | -6.9% | +9.8% | 76 | 13.3% | n/a |
| San Jose | $1,325,000 | -14.5% | -1.9% | 23 | 39.5% | $650,000 |
| Santa Clara | $1,538,500 | -18.4% | -2.0% | 15 | 44.8% | $740,000 |
| Campbell | $1,570,000 | -22.0% | -7.6% | 19 | 43.6% | $607,000 |
| San Mateo | $1,650,000 | -7.3% | -0.6% | 16 | 33.1% | $710,000 |
| Belmont | $1,800,000 | -28.7% | +0.7% | 39 | 33.3% | $553,500 |
| Foster City | $1,970,000 | -18.0% | +5.9% | 14 | 32.6% | $1,000,000 |
| Sunnyvale | $2,007,000 | -18.4% | -6.2% | 18 | 40.2% | $905,000 |
| Redwood City | $2,050,000 | +0.7% | +5.7% | 20 | 31.6% | $970,000 |
| San Carlos | $2,075,000 | -19.9% | -3.8% | 33 | 32.6% | $1,047,500 |
| Redwood Shores | $2,175,000 | -26.5% | -11.4% | 11 | 37.5% | $875,000 |
| Mountain View | $2,348,000 | -12.8% | +0.0% | 26 | 33.0% | $865,000 |
| Cupertino | $2,475,000 | -22.1% | -2.6% | 13 | 47.2% | $1,030,000 |
| Menlo Park | $2,712,500 | -0.1% | +10.3% | 27 | 24.4% | $929,000 |
| Los Gatos | $3,033,000 | +4.5% | +9.8% | 56 | 31.1% | $665,000 |
| Monte Sereno | $3,125,000 | -38.4% | -3.8% | 49 | 25.0% | n/a |
| Palo Alto | $3,200,000 | -20.6% | +0.6% | 31 | 21.7% | $1,100,000 |
| Saratoga | $3,500,000 | -10.0% | +0.0% | 38 | 30.8% | $937,500 |
| Los Altos | $4,175,000 | -3.2% | +6.7% | 20 | 21.4% | $1,950,000 |
| Portola Valley | $4,762,500 | -24.1% | -12.9% | 68 | 0.0% | n/a |
| Los Altos Hills | $4,900,000 | -10.7% | -1.0% | 14 | 30.0% | n/a |
| Woodside | $5,500,000 | +28.3% | +1.4% | 66 | 0.0% | n/a |
| Atherton | $10,500,000 | +20.0% | +5.0% | 50 | 0.0% | n/a |
Source: Redfin Data Center, rolling three-month figures for December to February 2023. "vs. last month" compares with the three months ending one month earlier. Sold above list covers all home types. Small cities have few sales, so their numbers swing more. Redwood Shores uses ZIP code 94065. Deemed reliable but not guaranteed.
FAQs
Are Bay Area home prices going up?
In most cities, no. From December to February 2023, the single-family median sale price rose from a year earlier in 4 of 23 cities and fell in 19.
Where did prices rise the most?
Among cities with at least 20 single-family sales: Los Gatos (up 4.5%), Redwood City (up 0.7%), Menlo Park (down 0.1%), compared with a year earlier.
Where do homes sell the fastest?
Cupertino (13 days), Foster City (14 days), Santa Clara (15 days), by median days on market for single-family homes from December to February 2023.