Bay area luxury market report (Spring 2024)

For the purposes of this report, “luxury” homes in San Francisco, San Mateo, Santa Clara & Marin Counties, the most expensive Bay Area counties, sell at $5 million to $9.999 million, and “ultra-luxury” homes sell for $10 million+. In the other more affordable Bay Area counties, luxury homes are designated as selling at $3 million to $4.999 million, and ultra-luxury homes for $5 million+. These are generalities required for broad statistical analysis:  Values vary enormously within individual counties, and some of the more “affordable” counties contain submarkets that are very expensive indeed. 

So far in spring 2024, the Bay Area has been seeing its strongest luxury home market since the spring 2022, the very heated end of the pandemic boom. Still, luxury market indicators are generally cooler, and sometimes much cooler, than more affordable segments – though, this is not unusual by long-term standards. 

Market dynamics, trends, values and property characteristics vary between counties and between submarkets within counties, but correct pricing, preparation, marketing, and pristine, updated, move-in condition are almost always critical to buyer response in the luxury market.