Vallejo Real Estate Heats Up As Last Affordable Town In Bay Area
VALLEJO (KPIX 5) -- The quest for an affordable Bay Area home has transformed Vallejo into one of the hottest real estate markets in the U.S.
KPIX 5 visited an East Vallejo home on Wednesday that had been on the market for a few hours. It won't last for long, according to Coldwell Banker Solano Pacific realtor Linda Daraskavich.
"It is a hot market. We have just over a month's supply of inventory, meaning if nothing is listed after today, it would take a little over a month to deplete the supply," explained Daraskavich.
The three bedroom, two bathroom, 1,600 square foot home sits on a corner lot. It's listed at $439,000, which is just under the city's median home price of $460,000.
That price is almost unheard of in the Bay Area when you consider the median home price in San Francisco hit a record-breaking $1.6 million this spring.
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"People really want to buy a house and this is the place that they can afford it," said Daraskavich. "We have a lot of people coming over the bridge and Vallejo is improving."
The once gritty town known more for crime and gangs is hanging near the top of Realtor.com's hottest U.S. markets. After claiming the number one spot last summer. It is currently sitting at number five. Rankings are based on most listing views and fewest days on the market.
Daraskavich said she has been closing properties on average in under 10 days. And there have been bidding wars. A three bedroom, two bathroom home on Capilano Drive sold for $150,000 over asking. It was listed at $599,000.
The ferry service to San Francisco is also attracting commuters who don't want to make the over 30-mile drive each way. Daraskavich has found that buying here gives most people a chance to buy a starter home while staying in the Bay Area.
"i think at first they feel like, 'Oh, I have to move to Vallejo.' And then they get here and it's not so bad," said Daraskavich.
