A rising tide lifts all boats, we suppose, so it's no surprise that home prices in the city's Bayview neighborhood, which tend to lag economically behind the city as a whole, have increased. But the rate of the jump, revealed in today's Business Times, is staggering: As in a 59% increase in the median home sales price over the last two years.
In 2012, the median home price in the neighborhood in the city's southeast was $334,000. Today, it's $530,000. Though that's still around half of the city's overall home price median, which hover just below one million dollars, it's still an enormous jump.
In fact, realtors may have set a record for a home sale price in the region, with one going for $1.3 million a few weeks ago. That's on top of a condo which recently sold for $316,000 over the asking price of $599,000.
The rapid changes can be a mixed blessing. It's good news for long-time homeowners, who have seen their property values skyrocket. It's not so good for buyers priced out of the market for what has traditionally been one of the city's most affordable regions. There's also worries about gentrification in a neighborhood home to a long-standing African-American population.
As one real estate agent was quoted as saying, "The Bayview has a nice housing stock—beautiful Victorians, Marina-style homes. It’s poised to become a really nice area in San Francisco like the Mission, Noe Valley and Bernal Heights." And whether you see that as a threat or a promise says a great deal about how you see San Francisco as a whole right now.