Metro area index
Home appreciation in the San Francisco-San Mateo-Redwood City, CA metropolitan division
FHFA HPI® data shows the San Francisco-San Mateo-Redwood City, CA metropolitan division's all-transactions index changed -0.3% over the year to Q2 2026, versus +0.9% for California and +3.0% for the U.S. That ranks 372nd of 410 metro areas and divisions FHFA tracks.
- 1-year change
- -0.3%
- 5-year change
- +17.5%
- Since Q1 1995
- +407%
- Metro rank (1 year)
- 372nd
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
San Francisco-San Mateo-Redwood City, CA vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- San Francisco-San Mateo-Redwood City, CA: 506.5
- California: 488.5
- United States: 391.6
Appreciation by time window
| Window | Metro | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | -0.3% | +0.9% | +3.0% | −1.2 pts | −3.3 pts |
| 3 years | +3.4% | +7.7% | +12.9% | −4.3 pts | −9.5 pts |
| 5 years | +17.5% | +28.1% | +41.3% | −10.6 pts | −23.8 pts |
| 10 years | +31.6% | +76.2% | +93.3% | −44.6 pts | −61.8 pts |
| Since Q1 1995 | +407% | +388% | +292% | +18.0 pts | +115.0 pts |
3-digit ZIP regions in the San Francisco-San Mateo-Redwood City, CA area
Regions with at least 10% of their 2010 population inside the metro division, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 941 · San Francisco, CA area | CA | +0.9% | +13.3% | +418% | 100% |
| 944 · San Mateo, CA area | CA | +4.2% | +29.6% | +395% | 100% |
| 940 · Sunnyvale, CA area | CA | +0.6% | +20.8% | +392% | 69% |
| 943 · Palo Alto, CA area | CA | -1.4% | +29.7% | +471% | 27% |
Boom, bust, and recovery in San Francisco-San Mateo-Redwood City, CA area
San Francisco-San Mateo-Redwood City, CA area's index peaked in Q3 2006, fell 23.1% to its low in Q2 2011, and regained its peak in Q2 2014, about 7.8 years after the top. Today it sits +62.8% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q3 2006 | Q2 2011 | -23.1% | Q2 2014 (7.8 yrs) | +62.8% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, San Francisco-San Mateo-Redwood City, CA area's index has changed +129% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | CA after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -4.0% | -2.9% | -0.8% |
| 3 years | +9.8% | -5.8% | -1.9% | +2.8% |
| 5 years | +24.0% | -5.3% | +3.3% | +13.9% |
| 10 years | +39.1% | -5.4% | +26.7% | +39.0% |
| Since Q1 1995 | +121% | +129% | +121% | +76.8% |
If you bought in the San Francisco-San Mateo-Redwood City, CA area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +406% | $1,518,224 |
| Q2 2000 | +198% | $894,719 |
| Q2 2005 | +78.8% | $536,540 |
| Q2 2010 | +103% | $610,498 |
| Q2 2015 | +44.5% | $433,574 |
| Q2 2020 | +17.3% | $351,806 |
| Q2 2021 | +17.5% | $352,491 |
| Q2 2023 | +3.4% | $310,196 |
| Q2 2025 | -0.3% | $299,161 |
Frequently asked questions
- How much have home prices risen in the San Francisco-San Mateo-Redwood City, CA area?
- FHFA HPI® data for the San Francisco-San Mateo-Redwood City, CA metropolitan division shows changes of -0.3% over one year, +17.5% over five years, and +31.6% over ten years to Q2 2026, and +407% since Q1 1995.
- Is the San Francisco-San Mateo-Redwood City, CA area beating the national average?
- Over the past year the metro's index moved −3.3 pts versus the U.S.; over five years the gap is −23.8 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan division. The index covers the whole area, so individual neighborhoods and homes can differ from it.