Silicon Valley Home Prices Exceed $2 Million for First Time

California dominates list of most expensive US housing markets, with affordability concerns rising.

The median home price in Silicon Valley reached $2.08 million in Q2 2024, a 12% increase from last year.
California holds 8 of the 11 priciest metro areas in the US, including San Francisco and Orange County.
Nationally, 89% of metro areas saw home price increases, with a 4.9% rise in the median price to $422,100.
High mortgage rates have contributed to affordability issues, with typical monthly payments rising to $2,262.
Experts predict potential improvements in affordability as mortgage rates show signs of declining.