SAN JOSE (CBS SF) – The hot real estate market in the Bay Area has reached a point where the median home price in San Jose and San Francisco rose by four figures each day in the early part of the year.
According to numbers compiled by Sean Keeley of the real estate website Neighborhood.com, the median price of a home in the San Jose market was $1,108,000 in December of 2017. By March, the median price rose to $1,263,500, an increase of $1,728 per day.
Divided further, the median price increased at the rate of $72 per hour or $1.20 per minute.
The rate of appreciation of a median home price also went up by four digits in the San Francisco market as well in the first quarter. Between December and March, the median price went up from $1.5 million to $1,610,000, an increase of $1,222 per day.
In the Oakland area, the median price went up from $668,000 to $720,000 from December to March. While not in the four figures, prices increased at the rate of $577 per day.
Trying to find humor in this, Keeley calculated the rate of appreciation in terms of avocado toasts. Some have claimed, most notably a wealthy real estate developer, that millennials spending on the pricey sandwiches instead of saving are the reason why they can’t afford a home.
According to recent figures by CoreLogic, the median home price in the nine-county Bay Area reached a record $820,000 in March, a jump of 14.7 percent from 2017.