PLEASANTON (KPIX 5) — With the Bay Area real estate market red hot, it’s hard to believe that houses were once sold for five figures. On this Throwback Thursday, KPIX 5 reporter Juliette Goodrich went back to the East Bay home she grew up in to explore how the market has changed.
Juliette’s parents bought a home in Pleasanton in 1973. Forty-one years ago, they bought their piece of the American Dream for $56,000. They sold it 22 years later for $350,000. In today’s market, the home is now worth $850,000.READ MORE: Cal Fire Confirms Estrada Fire Sparked by Controlled Burn; Evacuations Ordered, Zero Containment
Realtor Sonali Sethna with Keller Williams said the market is not like the one Juliette’s parents encountered decades ago. “”For instance in the 1980s, the interest rates then were in double digits, as low as 11 percent to 15 percent,” Sethna said.READ MORE: CHP Pursuit Ends With Crash, AC Transit Bus Into West Oakland Home
Sethna said home prices then compared to now have a lot to do with trends, interest rates and income levels. She said the median income in the 80s was about $15,000 a year. By the turn of the century, buyers had incomes averaging $70,000 to $90,000 a year.MORE NEWS: COVID: Bay Area Airports, Tourism Industry Gears Up As Rules Loosen For International Travelers
Things look a lot different over the years, financially and geographically. When Juliette lived at the home, there was a field across the street, where she was able to ride a horse. The field is gone, replaced by more homes.