The median price of a home in Mountain View rose 53 percent from 2009 to 2014, ranking the city fourth among American cities with the greatest home-price increases across six years.
The median home value in Mountain View went from $756,000 in 2009 to $1,159,400 in 2014, and this trend isn’t slowing down.
Home prices here have been steadily on the rise so far in 2015:
• January: $1,394,000
• February: $1,505,000
•March: $1,525,000
•April: $1,835,000
•May: $1,860,000
•June: $1,870,000
June’s median figure is the highest in more than two years. It represents a 38 percent increase from $1,355,000 in June 2014 and an increase of 33 percent from $1,405,000 in June two years ago.
Cities with the highest home-price increase
A list prepared by the real estate website Zillow shows the 50 cities with the largest gains in median home values between 2009 and 2014. Numbers 11 to 50 include a broad sampling of U.S. cities such as Englewood, Colo., Cambridge, Mass., Rochester Hills, Mich., and Washington, D.C. Seven of the 10 cities making the top of the list are much closer to home.
Palo Alto took the No. 1 spot, joined by Cupertino (3), Sunnyvale (5), Redwood City (6), Menlo Park (8) and Foster City (9). The remaining three top-10 cities are Key Biscayne, Bay Harbor Islands and Sunny Isles Beach, all in Florida.
Here are the five-year home-price increase percentages for the Silicon Valley cities in the top 10:
•Palo Alto 75%
•Cupertino 55%
•Mountain View 53%
•Sunnyvale 51%
•Redwood City 48%
•Menlo Park 47%
•Foster City 47%
Seven of the top 10 cities being located in Silicon Valley is no surprise to us. Growth in the tech industry and local economy has been a catalyst for increasing home prices throughout the Bay Area.
Other area cities ranking on the top-50 list include Santa Clara (12), Burlingame (20), San Mateo (25), San Francisco (26), San Jose (31), and Daly City (44).
Hadar Guibara is a Realtor with Sereno Group of Palo Alto. She can be reached at hadar@serenogroup.com.
