Hillsborough, CA 94010 housing market

What this means

• Valuation. Prices are 11% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are up 11.3% over the past year (U.S.: +1.2%).
• Supply. Listings are 32% below the 2017-19 norm and falling (−25% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is low (7/100; U.S.: 54): homes typically sell at or above asking (106.8% of list); 18% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 119% of the median household income (U.S.: 35%); it takes about $782k a year to keep the payment at 30% of gross pay. That includes about $2,262 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $15,614/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $306 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from earthquakes. Earthquakes aren't covered by standard homeowners insurance.
• Outlook. Leaning up: likely −2% to +14% over the next 12 months (85% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −2.2% to +14.1% (80% range; middle estimate +7.1%), chance of a rise 85%, of a 5%+ drop 5%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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