The tech boom continues to drive up real estate prices in the notoriously expensive Silicon Valley and Bay Area regions of California.
The housing market is so hot that properties are selling every 42 days, according to a recent GOBankingRates study.
Relocating to the region comes with a high barrier of entry: The median list price is over $1 million.
The tech giants and startups of Silicon Valley continue to boost California’s real estate market. In fact, the Bay Area is the fastest-selling real estate market in the country right now.
If you’re looking to relocate to that part of the country, be prepared to move quickly: Homes in the region typically spend 42 days on the market, according to a GOBankingRates analysis of the fastest-selling real estate markets in the country.
An unassuming, Spanish-style residence in the ever-more expensive, boho-chic hills above L.A’s Silver Lake Reservoir, owned via trust by Tinseltown A-lister Leonardo DiCaprio and long occupied by a family member, hit the market at $1.749 million in October.
The star was asking $3.795 million earlier this year for her longtime mansion in the historic Hollywood Dell neighborhood that winds through the foothills between Hollywood and the Hollywood Reservoir.
Just over six months after her Los Angeles residence was busted into by an intruder/stalker, the superstar singer unsurprisingly hoisted the property near the base of Nichols Canyon up for sale at $7.495 million earlier this month.
One of the highest-paid actors on television, with a $20 million annual contract for her long-running role on “Grey’s Anatomy,” sold a 1920s Spanish villa positioned high on an elevated double lot in the historic Whitley Heights neighborhood in the foothills above Hollywood for a tad less than $2.8 million in July.
The politically engaged actor, best known as Kumar in the hilariously low-brow “Harold & Kumar” comedy film franchise, put a mid-century contemporary on a slim cul-de-sac in a particularly celeb-packed pocket of the Hollywood Hills up for sale at a touch under $1.5 million in late August.
(Photo by Noam Galai/Getty Images for Global Citizen)
The 26-year-old singer put her L.A. mansion that she was rushed to the hospital from after overdosing on the market in Sept. The HollywoHillslls abode, which she purchased for $8.3 million in September 2016, is up for sale for $9.495 million.
The low-profile but card-carrying member of the rock ’n’ roll aristocracy sold a vintage Spanish bungalow nestled into a quiet cul-de-sac in the foothills above Hollywood for a bit more than $2.3 million in October.
Blake Masters, the creator of the crime drama "Brotherhood," listed a four-story, mullet-style residence in the hills between L.A.’s Beachwood and Bronson canyons for just under $2.2 million in January.
Having recently completed a carefully considered, comprehensive and no doubt exceedingly costly restoration, update and addition of a swimming pool and guesthouse, the comedian listed an architecturally significant hillside home in the Silver Lake area of Los Angeles with a dead serious asking price of $5.125 million in October.
The actress and talk show host cut her West Coast real estate ties in early 2018, listing her longtime residence in the posh, sea breeze licked Pacific Palisades area of Los Angeles with an asking price of $8.795 million.
Fast on the heels of reports that the actress, one of the stars of the cult favorite 1990s series “Beverly Hills, 90210,” and third husband, Dave Abrams, are headed for divorce court, she’s unsurprisingly listed her custom-renovated residence in L.A.’s less-renowned but still keenly sought-after 91604 zip code in July with an asking price pushing up on $4.5 million.
Median List Price Is Over $1 Million in Northern California
The cutthroat Northern California real estate market isn’t for those who easily suffer from sticker shock or are paralyzed by quick decision making. With the median list price over $1 million and homes selling every 42 days, the white-hot market doesn’t provide buyers with a lot of time for house hunting or thoughtful deliberation.