The price of housing is going up fast in the Bay Area, but the average house in San Francisco is $15 million, according to a report from real estate site Trulia.
That’s more than five times the median house price in the region, according the report.
As the market moves into a boom phase, Trulia estimates that house prices will continue to rise, reaching $20 million by 2034.
The report estimates that a typical house in the San Francisco Bay Area will sell for about $100 million in 2034, and that prices will be in the $20-$30 million range for the next five to 10 years.
The price of homes in the metro area is projected to increase about 10% to 13% annually through 2034 and the report says the average home will sell at a price of $130 million by then.
There are some notable areas of the Bay area that are going up faster than other areas.
In Marin County, the median home price in July was $170,800, but prices jumped 30% in July to $197,800.
In Marin County’s Central Valley, the average price is projected by Trulia to be $169,200, and in the Oakland Hills it will rise to $200,000 in the next few years.
In the city of Oakland, home prices have increased about 35% annually from 2005 to 2034 while the median price is expected to jump about 15% from 2005 levels to 2026.
The average home price is forecast to rise by more than $4,000 to $1.4 million by 2030 in the city.
In the Bayview-Hunters Point area, the report estimates the median market price will be $175,800 in 2036, and there are about 20% more homes on the market than there were in 2007.
San Francisco has become a hotbed for real estate speculation, and the market is currently in a bubble.
When it comes to homes, buyers will be more interested in buying a smaller house than a bigger one, as the median size of a house is expected increase from 15 to 30 percent annually in 2026, Trumi says.
“This is one of the reasons we’re seeing the bubble in the housing market,” Trulia analyst Dan Wiederman said.
“It is a market that is rapidly moving up.
We expect the price increases in the coming years to slow down in a way that is encouraging people to move out and buy.”
Trulia says the typical home price has been rising since 2004.
It is estimated that homes in San Jose will sell in the range of $150,000-$200,00 per year between 2028 and 2034 before rising again to $300,000-400,000 by 2040.