Due to differing property values, as a very general rule of thumb, we define the luxury home segment as properties listed or selling for $3 million+ in San Francisco, Marin, San Mateo and Santa Clara Counties, and for $2 million+ in other Bay Area counties (and for SF luxury condos and co-ops).
In the six months since the pandemic really impacted monthly sales volume, overall sales remained about the same year-over-year, but luxury home sales jumped 46%. Affluent and very affluent buyers have significantly increased as a percentage of sales since the pandemic struck. This was a factor in increasing overall median sales prices.
Many of these charts illustrate the seasonality of the luxury home market, however the pandemic largely upended “normal” seasonal trends of supply and demand in 2020.