Bay Area housing market, May 2023
By Sean Rossiter. Redfin data for March to May 2023
From March to May 2023, the single-family median sale price rose from a year earlier in 2 of 23 cities and fell in 21. 3,161 homes sold across all 23 cities, and 60.3% sold above list price. Medians ran from $885,000 in East Palo Alto to $9,750,000 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 2.3% to $3,400,000
- Foster City: down 2.8% to $2,405,000
- Saratoga: down 5.3% to $3,810,000
Down the most
- San Carlos: down 28.5% to $2,200,000
- Los Gatos: down 22.8% to $2,625,000
- East Palo Alto: down 18.4% to $885,000
How fast homes sold
Median days on market for single-family homes. Cities with at least 20 sales.
Fastest
- Foster City: 8 days
- Sunnyvale: 9 days
- Cupertino: 9 days
Slowest
- Menlo Park: 14 days
- Redwood City: 14 days
- Palo Alto: 13 days
All 23 cities
March to May 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 | $885,000 | -18.4% | -5.4% | 12 | 59.3% | $759,500 |
| San Jose | $1,512,500 | -12.5% | +2.9% | 10 | 63.6% | $731,000 |
| Santa Clara | $1,681,000 | -12.4% | +0.1% | 9 | 69.6% | $810,000 |
| San Mateo | $1,740,000 | -17.1% | +2.9% | 11 | 51.3% | $880,000 |
| Campbell | $1,980,000 | -8.1% | +3.6% | 9 | 58.6% | $777,500 |
| Redwood City | $1,985,000 | -18.1% | +3.4% | 14 | 54.1% | $1,238,000 |
| San Carlos | $2,200,000 | -28.5% | -2.2% | 10 | 62.5% | $845,000 |
| Sunnyvale | $2,315,000 | -10.9% | +5.0% | 9 | 72.0% | $940,000 |
| Belmont | $2,345,000 | -15.9% | +2.0% | 11 | 51.1% | $790,000 |
| Foster City | $2,405,000 | -2.8% | -1.8% | 8 | 54.9% | $1,010,000 |
| Redwood Shores | $2,440,000 | -4.5% | +3.2% | 6 | 60.0% | $1,280,000 |
| Los Gatos | $2,625,000 | -22.8% | -2.1% | 12 | 55.4% | $946,500 |
| Mountain View | $2,630,000 | -6.7% | -2.0% | 10 | 60.0% | $837,500 |
| Cupertino | $2,800,000 | -13.3% | +0.0% | 9 | 67.9% | $1,055,500 |
| Monte Sereno | $3,000,000 | -29.4% | +0.0% | 9 | 44.4% | n/a |
| Palo Alto | $3,328,000 | -17.0% | +1.6% | 13 | 48.5% | $1,087,500 |
| Menlo Park | $3,400,000 | +2.3% | -10.9% | 14 | 36.7% | $1,400,000 |
| Portola Valley | $3,800,000 | -56.6% | -2.6% | 18 | 50.0% | n/a |
| Saratoga | $3,810,000 | -5.3% | +0.1% | 10 | 47.4% | $847,500 |
| Los Altos | $4,030,000 | -8.9% | -0.7% | 12 | 53.1% | $1,570,000 |
| Woodside | $4,800,000 | -3.5% | +0.0% | 27 | 35.3% | n/a |
| Los Altos Hills | $5,017,500 | -10.9% | +1.4% | 18 | 35.7% | n/a |
| Atherton | $9,750,000 | +29.1% | -3.7% | 50 | 7.7% | n/a |
Source: Redfin Data Center, rolling three-month figures for March to May 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 March to May 2023, the single-family median sale price rose from a year earlier in 2 of 23 cities and fell in 21.
Where did prices rise the most?
Among cities with at least 20 single-family sales: Menlo Park (up 2.3%), Foster City (down 2.8%), Saratoga (down 5.3%), compared with a year earlier.
Where do homes sell the fastest?
Foster City (8 days), Sunnyvale (9 days), Cupertino (9 days), by median days on market for single-family homes from March to May 2023.