Vallejo is again the nation’s hottest real estate market, followed by San Jose and San Francisco, new index says

Not San Francisco and not San Jose.

Once again, Vallejo is the hottest real estate market in the country, according to realtor.com. It’s the second month in a row that Vallejo has ranked No. 1 in the monthly “hotness” index, which now puts the San Jose- Sunnyvale-Santa Clara metropolitan area in the No. 2 spot and ranks the San Francisco-Oakland-Hayward metro at No. 3.

The index measures where houses are selling the fastest and which markets are generating the most listing views on realtor.com. And while the second criterion might seem random — after all, realtor.com may simply get heavier use in some places than others — the latest rankings broadly reflect what’s been happening in the Bay Area real estate market.

Namely, they reflect this trend: The outer fringes of the Bay Area are growing rapidly as more and more home buyers migrate to more affordable areas, often continuing to commute back to decent-paying jobs in the core Bay Area. This migration is not purely anecdotal — anyone who has been caught in freeway gridlock near the once sleepy towns of Lathrop or Manteca will attest to the hard reality of the phenomenon.

Vallejo turns out to be a logical place to register “hotness.” It is in Solano County, where the median price of a single family home has been hovering around $400,000, about half the regional median. It boasts attractive vintage housing stock and is a ferry ride away from jobs in San Francisco.

And the typical house spends 31 days on market before the deal is sealed, as opposed to 29 days in the San Jose metro and 32 days in the San Francisco metro.

The August “hotness” index includes numerous metropolitan areas in the Bay Area’s outer fringes, including the Central Valley, which is increasingly popular for mega-commuters.

The Stockton-Lodi metro is the fifth hottest in the nation, according to the index. The Sacramento-Roseville-Arden-Arcade metro is No. 10.

Modesto is No. 12.

Santa Rosa is No. 14 and Fresno is No. 15.

Dreams of affordability are growing ever more distant.

Top: Photo of two-bedroom home in Vallejo that recently sold for $410,500. (Courtesy of Skip Dodge/Kennon Realty)

 

 

 

 

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  • hoapres

    Vallejo is about the only place where people can afford to buy. Of course that isn’t true because obviously someone can pay these crazy prices.

    • Draco Nibelung

      Get a better education, thrive! Go into STEM. You’re not too old. Be someoneone, make a difference. Donate Millions to worthwhile causes and change the world.

      • hoapres

        STEM is about the worse career choice a young American can make right now.

        • Scott Jenner

          true but what jobs are the future for Americans? You never did answer this question before. I mean I cannot make a living putting up a hotdog stand at the beach! I also do not want to go in debt 200k for a medical or law degree only to find out that I am too old to get a job at 50 as a doctor or lawyer. What are the realistic options for unemployed over 40 Americans who spent 20 years in STEM? I cannot sit and starve to death ya know! Government and business do not give a rats behind about us either.

  • Draco Nibelung

    I wouldn’t live in Stockton EVEN IF YOU PAID ME. There are no crooks in this world, than the crooks who inhabit and comprise the CENTRAL VALLEY. Sacramento is decent enough, but also contaminated by Valley Hoarders from the uninspiring pancake flat lifestyles they are accustomed to.

    • hoapres

      Whether I would live in Stockton or not is one thing, but the simple fact of the matter is that lots of people live in Stockton which is also rapidly becoming a commuter city for Silicon Valley.

      • Scott Jenner

        who in goodness wants a 4 hour commute each way?

 
 
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