Is NOCAL the Hottest Real Estate Market in the US?

This is a continuation of the ongoing series: Where is the Hottest Real Estate Market in the US? Don’t miss part 1: SOCAL   Southern California made an impressive case for why it is the hottest real estate market in America however NOCAL may in fact top the list here’s 3 reasons why:  

#1 – The Bay Area

Even though the number of houses sold dropped dramatically to six-year lows in December of 2013; the average price of homes sold was $570k which is up over 20% from the previous year according to Nakaso & Carey’s article for The San Jose Mercury News. This means even though the volume has slowed substantially the price is still increasing which means the demand for property in the bay area far out weights the supply. In Oakland:

According to Trulia the average price per square foot has increased substantially and consistently over the last 5 years and is currently at $329/sq ft.

In San Francisco:

According to Trulia the median Sales price has increased from approximately $600k to the $800k range.

In Richmond:

According to Trulia the increase in the number of homes sold year over year has increased by over 31.6%

 

#2 – Silicon Valley

As long as Silicon Valley claims the bay area as home there will be a strong demand for houses. Morgan Brennan reported for FORBES that Silicon Valley Dominated the 2013 List Of America’s Most Expensive ZIP Codes. The area is a breeding ground for the latest hot tech startups and also for the supersized behemoths like Google, Apple, and Intel who all have a massive presence in the NOCAL area. After all, it is because of the exorbitant salaries paid by the likes of Ebay, Oracle, AMD, Symantec, and many more that drive the prices of real estate so high in this area in the first place.    

#3 – Entertainment

People who live in the Bay Area deal with the overly high cost of living primarily because there’s TONS to do in the area. If you’re into sports there’s the San Francisco Giants, and 49ers.  There’s also the Oakland Raiders and The Golden State Warriors. Not to mention world class cuisine where you can find the best food in the world no matter what your taste.  There’s also world renowned concert venues like the Napa Valley Opera house, the Palace of Fine Arts Theatre, and the Marines Memorial Theatre.   Now it’s over to you. Do you agree that NOCAL is the hottest real estate market in the US?