Members of the Menlo Circus Club in Atherton, a private club with roots dating back to 1920, have witnessed their neighborhood host the Bay Area’s most expensive residential deal this year. The sale of 81 Somerset Lane for $51.5 million in March stands out, though brokers note it has not led to a surge in similar high-value transactions. Prices in the area are rising, with ongoing demand from the tech sector.
“There’s a lot of momentum in the Bay Area towards tech’s future and that’s helping us for sure,” said Kevin Patsel, regional vice president for Compass Northern California. Compass led The Real Deal’s (TRD) Bay Area ranking this year, reporting $27.7 billion in closed volume across 14,751 transactions.
This year’s TRD ranking expanded its analysis beyond San Francisco County to include Alameda, Contra Costa, Marin, Napa, San Mateo, Santa Clara, Solano and Sonoma counties. The data covers buy- and sell-side deals over $100,000 between May 15, 2024 and May 15, 2025 on condo, co-op, single-family and townhouse properties but excludes off-market transactions.
Tech industry activity is having an impact on prices especially in Silicon Valley communities like Los Altos. “Is $10 [million] or $12 [million] the old $7 [million] or $8 [million] a few years back? Maybe,” said Chris Trapani, CEO and co-founder of Christie’s International Real Estate Sereno. His brokerage completed 1,814 deals totaling $3.8 billion.
Trapani also cited Nvidia reaching a $4 trillion market cap as fueling wealth locally: “It’s like someone airlifted another Apple computer and dropped it in Santa Clara County… so that’s a ton of capital that employees and shareholders of that company have.”
Artificial intelligence firms are contributing to real estate demand as well. “AI is beginning to influence the city… Lots of new people getting degrees from all over the country… if they have any interest in this [AI], this is the place they are coming,” said Jeffrey Gibson, executive vice president and Northern California regional manager at Sotheby’s International Realty. Sotheby’s ranked seventh on TRD’s list with 1,125 deals amounting to $2.7 billion.
Despite persistent high interest rates not falling as many hoped—inventory is up and homes often sell within thirty days—prices remain steady according to Coldwell Banker Realty Western Regional President Jennifer Lind: “Buyers have been waiting for a long time… But there hasn’t been a material change.” Coldwell Banker Realty ranked second with 8,901 transactions totaling $15.3 billion.
Intero Real Estate Services followed at third place with $7.8 billion across 4,457 deals; eXp Realty was fourth with $3.9 billion from 3,758 transactions; Christie’s International Real Estate Sereno rounded out the top five.
Downtown San Francisco shows signs of recovery compared to last year amid more return-to-office policies: “Downtown is still lagging behind a bit but it’s much better than it was a year ago,” Gibson said.
The region may see further changes if cities support state housing goals. A recent example includes “The Vineyard,” a Saratoga property purchased by executives planning a 231-unit project including townhomes and single-family homes—a model reflecting what could happen if more communities allow new housing construction under state guidelines.
“We know we need more units,” Trapani said. “The question is how are these cities going to accommodate allowing for that while also keeping the peace for the existing neighborhoods.”
Data used for these rankings were sourced from Multiple Listing Service records reviewed by TRD.
