Stanford Circle Cities

Report Highlights 
❑ Year over year, the median house sales price in Q2 2024 rose 7% and the median dollar per square foot value increased 5% to their highest points since the peak of the pandemic boom. The Stanford Circle region is the most expensive market in the Bay Area. 
❑ The number of new listings coming on market in Q2 was up 11% year over year, while Q2 home sales rose 24%. But the number of homes selling for $5 million+ increased by 38%, and $10 million+ sales soared 92%: The most affluent households have been playing an outsized role in Bay Area housing markets since late 2023 (when financial markets began their dramatic rebound). 
❑ The average home sale sold 3% over list price in Q2 2024, the highest overbid % since the pandemic boom. Average days on market were the lowest in 2 years. 

As of early July, mortgage rates continue to hover around 7%, though hopes remain for at least one reduction in the Fed's benchmark rate before the end of 2024. Stock markets have sustained their extraordinary rise. The homeowner's insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. And the latest Census estimates revealed the Bay Area is growing older, with fewer children and more residents aged 65+.