The Local Lowdown

Quick Take:

Silicon Valley continues to experience strong price growth, while East Bay home prices have stagnated due to rising inventory.
Inventory shortages persist in the North Bay, while San Francisco faces declining listings, particularly in the single-family home market.
Single-family homes remain in high demand across the region, but condos in many areas are seeing weaker competition.
Sellers maintain an advantage in most markets, though buyers have opportunities in Napa and San Francisco’s condo market.

Note: You can find the charts/graphs for the Local Lowdown at the end of this section.

Silicon Valley and North Bay See Price Growth, While East Bay Stalls

The Bay Area real estate market is showing clear contrasts between its regions. Silicon Valley remains one of the strongest markets, with median sale prices in San Mateo and Santa Clara counties rising over 10% year-over-year. North Bay also experienced price appreciation, with Napa County standing out at over 21% growth. However, the East Bay market is leveling off due to a surge in inventory, and while single-family home prices have held steady, condos have taken a notable dip. Meanwhile, San Francisco’s home prices continue to fluctuate around their two-year average, as inventory levels and demand move in sync.

Inventory Trends Vary Across the Bay Area

Inventory trends across the Bay Area are mixed. Silicon Valley saw a significant increase in available listings, with active inventory rising more than 16% compared to last year. The East Bay experienced an even more dramatic shift, with inventory up 40% year-over-year. In contrast, the North Bay is facing a supply shortage, with single-family home listings down over 12% annually, leading to continued competition among buyers. San Francisco presents a unique challenge, as its inventory continues to shrink, particularly in the single-family home market, where listings declined nearly 16% over the past year.

Homes Are Selling Quickly—But Not Everywhere

Despite varying inventory trends, homes in many parts of the Bay Area continue to sell quickly. In Silicon Valley, the average listing in Santa Clara County lasts just 8 days on the market, showing intense demand. Even in the East Bay, where inventory has surged, homes are still moving at a steady pace. The North Bay also remains highly competitive, with listings spending fewer days on the market in most counties—except for Napa, where homes are taking nearly twice as long to sell compared to last year. San Francisco remains split, as single-family homes sell at a premium, while condos linger longer on the market.

Seller’s Market Holds Firm, Except in Select Areas

Most of the Bay Area remains a strong seller’s market, particularly in Silicon Valley, where months of supply inventory (MSI) remains well below the three-month threshold that defines a balanced market. The East Bay also continues to favor sellers, though its rapidly growing inventory could shift that dynamic. In the North Bay, Napa is the only county that leans toward a buyer’s market, with nearly five months of supply available. San Francisco remains divided—sellers hold the upper hand in the single-family home market, where inventory is tight, but condo buyers have more negotiating power with over three months of supply available.

Local Lowdown Data

North Bay home-price chart comparing monthly median prices across Sonoma, Marin, Solano, and Napa counties, 2022–2025.

Chart comparing monthly median single-family home prices in Alameda and Contra Costa counties, February 2021–February 2025.

Line chart comparing monthly median single-family home prices in San Mateo, Santa Clara, and Santa Cruz counties, 2021–2025.

Chart comparing monthly San Francisco median prices for single-family homes and condos from February 2021 to February 2025.

Line chart comparing monthly median condo prices in Sonoma, Marin, Solano, and Napa counties over three years.

Line chart comparing monthly median condo prices in Alameda and Contra Costa from February 2021 to February 2025.

Line chart comparing monthly median condo prices in San Mateo, Santa Clara, and Santa Cruz, January 2021–January 2025.

North Bay monthly single-family home inventory: new and sold listings and homes for sale, February 2023–February 2025.

Chart of East Bay single-family home listings and inventory from February 2023 to February 2025.

Chart of Silicon Valley single-family home listings and homes for sale, monthly from February 2023 to February 2025.

Chart tracks San Francisco single-family home new listings, sales, and inventory from February 2021 to February 2025.

Chart of North Bay condo listings, with monthly new and sold listings and total listings for sale from February 2023 to February 2025.

East Bay condo inventory chart showing monthly new listings, sold listings, and homes for sale, February 2023–February 2025.

Chart of Silicon Valley condo listings from February 2023 to February 2025, showing new, sold, and for-sale listings.

Chart tracking San Francisco condo listings and for-sale inventory from February 2021 to February 2025.

Line chart comparing days on market for single-family homes in Sonoma, Marin, Solano, and Napa, February 2023–February 2025.

Line chart comparing East Bay single-family home days on market in Alameda and Contra Costa counties, February 2023–February 2025.

Line chart comparing monthly days on market for single-family homes in San Mateo, Santa Clara, and Santa Cruz.

San Francisco days-on-market chart comparing single-family homes and condos from February 2022 to February 2025.

Monthly condo days on market in Sonoma, Marin, Solano and Napa, February 2023–February 2025.

Line chart comparing monthly condo days on market in Alameda and Contra Costa from February 2023 to February 2025.

Chart of monthly condo days on market in San Mateo, Santa Clara, and Santa Cruz from February 2023 to February 2025.

North Bay months of supply inventory chart comparing Sonoma, Marin, Solano, and Napa from February 2023 to February 2025.

Line chart comparing monthly single-family home supply in Alameda and Contra Costa, February 2023 to February 2025.

Line chart comparing monthly single-family home supply in San Mateo, Santa Clara, and Santa Cruz, February 2023–February 2025.

Chart comparing San Francisco condo and single-family home months of supply from February 2022 to February 2025.

The Local Lowdown: March 2025

The Local Lowdown

Silicon Valley and North Bay See Price Growth, While East Bay Stalls

Inventory Trends Vary Across the Bay Area

Homes Are Selling Quickly—But Not Everywhere

Seller’s Market Holds Firm, Except in Select Areas

Local Lowdown Data

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Silicon Valley and North Bay See Price Growth, While East Bay Stalls

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Seller’s Market Holds Firm, Except in Select Areas

Local Lowdown Data

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