Bay Area

[vc_row][vc_column][vc_single_image image=”1371″ alignment=”center” border_color=”grey” img_link_target=”_self” img_size=”full”][vc_column_text]Real estate markets run in cycles, and right now our regional market is soaring. While the national median price for a home is just over $200,000, the median price paid for a home in the nine-county Bay Area last month was just about $600,000.

In San Francisco, the median home price hit $1 million for the first time over the summer, making it the third least affordable housing market in the world behind Hong Kong and Sydney, according to the Demographia International Housing Affordability Survey.

The Bay Area has been here before. The real estate bubble burst after the first dot-com boom in the late ’90s, and then it inflated again around 2003. By the recession in 2008, that bubble had also burst.

Now, home prices are higher than ever before in the Bay Area. So it begs the question: are we in a housing bubble or a housing crisis?

Jamie Comer of McGuire Real Estate says that while her business has been thriving with the latest tech boom, the market is starting to get a little choppy. Comer specializes in lofts in the Dogpatch and South of Market neighborhoods where many of her young, well-heeled tech clients are scooping up properties.

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