One notoriously expensive area tops list of hottest real estate markets in the US

Stephanie Asymkos
Updated

  • 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.

See: Houses Are Selling the Fastest in These 30 Real Estate Markets

RELATED: Take a look at the top celeb homes to hit the market in 2018:

20 Photos
Top celeb homes to hit the market in 2018
See Gallery

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.

Learn: 13 Ways California Real Estate Differs From Every Other State

5 Northern California Cities With the Hottest Real Estate Markets in the US

Here are the five Northern California cities that are topping the charts for the hottest real estate markets in the country:

5. Oakland, Calif.

  • Days on market: 44

  • Median list price: $650,000

4. San Francisco

  • Days on market: 43

  • Median list price: $1,249,000

3. Fremont, Calif.

  • Days on market: 43

  • Median list price: $1,010,939

2. San Jose, Calif.

  • Days on market: 42

  • Median list price: $929,000

1. Sunnyvale, Calif.

  • Days on market: 38

  • Median list price: $1,496,500

For comparison, take a look at major cities where home prices are plummeting.

More from GO Banking Rates:
The 20 Best Cities Where You Can Buy a House for Under $100K
Looking to Buy an Investment Property? Here Are 15 States Where Your Dollar Will Stretch the Furthest
What a $5 Million Home Looks Like Around the US

We make money easy. Get weekly email updates, including expert advice to help you Live Richer™.

This article originally appeared on GOBankingRates.com: One Notoriously Expensive Area Tops List of Hottest Real Estate Markets in the US

Advertisement