Bay Area housing market, March 2023
By Sean Rossiter. Redfin data for January to March 2023
From January to March 2023, the single-family median sale price rose from a year earlier in 3 of 23 cities and fell in 20. 2,129 homes sold across all 23 cities, and 46.3% sold above list price. Medians ran from $961,000 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
- Menlo Park: up 11.2% to $3,780,000
- Saratoga: down 0.8% to $3,857,000
- Los Gatos: down 7.7% to $2,700,000
Down the most
- Redwood City: down 23.5% to $1,912,500
- Belmont: down 21.8% to $1,975,000
- Cupertino: down 20.3% to $2,710,000
All 23 cities
January to March 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 | $961,000 | -17.9% | +1.2% | 69 | 20.0% | $455,000 |
| San Jose | $1,400,000 | -15.6% | +5.7% | 13 | 50.9% | $685,000 |
| Santa Clara | $1,580,000 | -19.8% | +2.7% | 14 | 52.5% | $760,000 |
| San Mateo | $1,656,000 | -14.9% | +0.4% | 13 | 39.3% | $863,750 |
| Campbell | $1,745,250 | -14.9% | +11.2% | 13 | 41.5% | $682,500 |
| Redwood City | $1,912,500 | -23.5% | -6.7% | 16 | 38.4% | $1,020,000 |
| Belmont | $1,975,000 | -21.8% | +9.7% | 12 | 37.9% | $673,500 |
| San Carlos | $2,185,000 | -18.9% | +5.3% | 15 | 44.5% | $1,040,000 |
| Sunnyvale | $2,200,000 | -12.0% | +9.6% | 13 | 55.0% | $1,000,000 |
| Foster City | $2,250,000 | -13.8% | +14.2% | 14 | 41.7% | $1,280,000 |
| Redwood Shores | $2,360,000 | -19.8% | +8.5% | 10 | 50.0% | $1,116,000 |
| Mountain View | $2,596,500 | -17.7% | +10.6% | 18 | 41.5% | $734,500 |
| Los Gatos | $2,700,000 | -7.7% | -11.0% | 19 | 43.5% | $680,000 |
| Cupertino | $2,710,000 | -20.3% | +9.5% | 10 | 67.9% | $1,040,000 |
| Monte Sereno | $3,250,000 | -27.8% | +4.0% | 22 | 42.9% | n/a |
| Palo Alto | $3,425,000 | -16.5% | +7.0% | 15 | 32.8% | $1,087,500 |
| Woodside | $3,657,500 | +7.6% | -33.5% | 37 | 20.0% | n/a |
| Menlo Park | $3,780,000 | +11.2% | +39.4% | 22 | 17.4% | $1,060,000 |
| Portola Valley | $3,800,000 | -44.1% | -20.2% | 45 | 16.7% | n/a |
| Saratoga | $3,857,000 | -0.8% | +10.2% | 13 | 41.2% | $950,000 |
| Los Altos | $4,140,500 | -8.0% | -0.8% | 20 | 33.3% | $1,450,000 |
| Los Altos Hills | $4,750,000 | -15.6% | -3.1% | 30 | 25.0% | n/a |
| Atherton | $10,500,000 | +5.0% | +0.0% | 39 | 6.7% | n/a |
Source: Redfin Data Center, rolling three-month figures for January to March 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 January to March 2023, the single-family median sale price rose from a year earlier in 3 of 23 cities and fell in 20.
Where did prices rise the most?
Among cities with at least 20 single-family sales: Menlo Park (up 11.2%), Saratoga (down 0.8%), Los Gatos (down 7.7%), compared with a year earlier.
Where do homes sell the fastest?
Cupertino (10 days), Belmont (12 days), San Mateo (13 days), by median days on market for single-family homes from January to March 2023.