Despite the pandemic and recession, Bay Area home prices rose over the past year, new data shows.
Experts say prices are likely to go even higher despite more people willing to sell.
Since this time last year, home prices in Alameda and Santa Clara counties have increased by double-digits percentage wise. A median home in San Francisco is now close to $1.5 million.
Silicon Valley realtor Holly Barr said there's just not enough to go around.
Get a weekly recap of the latest San Francisco Bay Area housing news. Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
"All of San Jose, all of Santa Clara County is very low inventory," she said. "So, we're seeing lots of multiple offers. We're seeing well over asking price. Just super low inventory."
But with the economy opening back up, there are signs more homes will soon come to market.
"We conducted a survey around this and found that there will be a significant number of new sellers comfortable listing their home, so we do think that inventory will loosen up a little bit as we head into the spring and summer," Chris Glynn, a senior managing economist at Zillow, said.
The question is will that lower housing prices.
"I think they'll stay high," Liz Guerra of San Jose said. "I don't think the prices are going to come down that much."
Real estate experts said Guerra is probably right. For one thing, there's pent up demand and a desire to buy houses. Also, there are lots of tech IPOs turning stock options into cash for people who can then spend that cash on a new house.