2021 was a wild year for real estate all across the country, but in San Francisco, where real estate has always been a bit wild, the remarkable year was striking. Records were broken and set all across the region, and as we look to 2022, it seems that real estate in the Bay Area will never look like its pre-pandemic self again.
Before we look locally, we should note that nationally, 2021 was an extraordinary, record-setting year. According to Redfin, 2021 home sale prices hit the highest median price of all time. The factors driving this increase were multiple, “The number of homes for sale fell to an all-time low, [and] there was record demand for second homes,” reported Redfin. Combined with historically low interest rates, a new work from home (or anywhere, forever) economy, burgeoning tech industries, and a volatile stock market, there was a never-before-seen national demand for real estate.