Bay Area housing market: Looking back at 2024 and what’s ahead in 2025

As 2024 ends, the Bay Area housing market remains challenging, with median home prices exceeding $1.3 million, a 5% increase from the previous year. Many residents, like the Trio family, feel renting is the only option. High mortgage rates are keeping potential buyers hesitant, while the influx of crypto investors may influence the market. Despite these challenges, San Francisco stands out as the only major U.S. city with a lower median home price than in 2019, offering a slight glimmer of hope for buyers.