February 2021 Market Update: Bay Area

man playing skateboard outdoor

Key takeaways for the month

The always-competitive Bay Area market ended 2020 on a high note that’s continued at the start of this year. 

  • San Francisco is no longer the most competitive area in the Bay. The East Bay currently takes that title, followed by the South Bay, and San Francisco is seeing the least competition (though it’s still very competitive). Hotness in the East Bay is likely due to homebuyers who were inspired by working from home because of the pandemic, and who want more space than they’d find in San Francisco. 
  • Homes are selling for higher prices across the region. Median sale price for single family homes is up year over year by 13% in the East Bay, 9% in the South Bay, 23% on the Peninsula, and 5% in San Francisco. Each area also saw an increase month over month. 
  • List prices outside of San Francisco are rising. Median list price for single family homes is up year over year in all areas except for San Francisco,where it dropped 19%. Bear in mind that sellers across the Bay Area often underprice homes to drive up competition.
  • Sellers continue to list homes significantly under market value. Sale-to-list price ratio for single family homes is between 105% and 114% across the region. San Francisco saw a slight dip year over year from 111% to 110%, but that 110% is a strong showing given that February 2020 was active pre-pandemic. The Peninsula also saw a year over year dip due to a spike last February. 
  • Homes are selling very quickly. Median days on market for single family homes dropped across the region year over year, except in the South Bay, where they stayed flat. Current numbers between 8 and 25 days across the region reinforce the high levels of competition as local strategy is typically to accept offers for 30 days or more.

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

chart showing real estate data
Chart showing real estate data

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Based on the date the property went pending, except when sold date is earlier than pending (then based on date sold).


San Francisco includes data for the city of San Francisco.

East Bay includes data for Oakland and Berkeley.

South Bay includes data for San Jose, Santa Clara, and Sunnyvale.

Peninsula includes data for San Mateo, Foster City, Belmont, and San Carlos.


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