A recent SF Chronicle report provided some concerning data regarding Emeryville home values. According to the report, Emeryville is one of only two cities in the Bay Area that has seen a decline in home values since the 2020 pandemic.
While San Francisco has seen a 3% decline in median home values since 2019 according to Zillow data, Emeryville has seen a 12% decline over this same span. This drop is being driven by 15.6% drop in value of condominiums over the past five years, falling from median $568,000 in 2019 to $479,000 today.
Single-family homes in Emeryville have been less impacted and saw a 10.5% increase in value during the same period, rising to $742,000 (the accuracy of Zillow’s home value estimates, AKA “Zestimates,” have been questioned by some).
Emeryville “A Perfect Storm”?
This decline seems to driven be a perfect storm of higher interest rates, spiking HOA dues, Insurance rates, and shifting consumer desires…