Have prices come down since interest rates have gone up?
If we look at this year from January through April the median time it took for a home to sell it was eight days. The median sales price for all of the Bay Area was $1.15 million. Interest rates started spiking around that time so if we look at everything from May until today the median days on market is 13. Which is only five more days than it was at the beginning of this year. The median sales price? Believe it or not it’s the exact same, $1.15 million.
So if anything the market has been flat all year but it has not gone down as a result of interest rates.