09/21/2026
$2.2M to $2.5M homes barely move.
Real upgrades happen at $2M to $3.5M, or $5M down to $3M. That's the range where transactions actually occur.
The reason turnover stays low isn't just price. It's that $300K-$400K household incomes, even with Bay Area tech wages, don't leave much room to trade up.
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