While rents in the Bay Area apartment market took one of the hardest hits in the country in 2020, single-family home prices soared. The San Francisco Bay Area has the most expensive home prices in the country, with a median sale price of an existing single-family home approaching $1.6 million as of December 2020, according to the California Association of Realtors. Over the past five years, the median sale price of an existing single-family home in the Bay Area increased an average of 7% annually. In just 2020, prices climbed over 16%. Meanwhile, average effective asking rents for apartments in the Bay Area fell nearly 14% in 2020, one of the worst declines nationwide. In the four years before the COVID-19 pandemic in 2020, rents in the Bay Area were climbing an average of 2.6% annually. Despite recent declines, apartment rents in the Bay Area were still steep, at roughly $2,500 per month, at the end of 2020. These were the second-most expensive rates nationally, behind only New York ($3,100).