We know home prices in the Bay Area have been skyrocketing. So it makes sense that the total value of the housing stock in the San Francisco and four surrounding counties has risen.
But the numbers still take the wind out of us: Homes in San Francisco and four surrounding counties gained $159.2 billion in total value this year — the second largest gain by dollar volume in the country among large metro areas after Los Angeles. The cumulative value of all homes in the San Francisco area is $987.2 billion.
Real estate research firm Zillow bases the numbers on its estimate of median home values. The firm's "San Francisco metro" zone includes San Francisco, Alameda, Contra Costa, Marin and San Mateo counties.
"It's been a fascinating year for San Francisco and many Bay Area cities," said Svenja Gudell, Zillow's director of economic research. "They have surpassed their peak — they're more expensive than they've ever been."
Gudell notes something that we who live here know too well: The San Francisco metro numbers are high largely because "there's little inventory and high interest from investors and consumers, which is driving up prices."