San Francisco, CA
San Francisco tops US housing market as homes sell far over asking, report says
The average San Francisco home sold for nearly 90% over the asking price in March, according to Redfin.
The city is now the most expensive metro area in the country.
Artificial intelligence is driving much of those costs, as companies grow and hire, with many requiring staff to work in person.
Housing inventory, on the other hand, isn’t keeping up.
NBC Bay Area spoke with Arrian Binning, an agent with the Binnings Team at Christie’s San Francisco, who said the city is expensive but worth the investment.
“San Francisco is one of the best markets in the world,” Binning said. “I’ve seen supply constriction benefit property owners, so when you’re a property owner in a market that has scarce inventory but also is an engine of growth, that’s kind of the trifecta in terms of investing your hard-earned dollars into a new home.”
San Francisco bumped San Jose out of the top spot.
In San Jose, the median home price in March was more than $1.46 million, about what it was a year ago.
NBC Bay Area’s Kris Sanchez has the full report in the video above.