San Ramon Sees Rising Home Prices Despite Declining Population: Study

SAN RAMON, CA — San Ramon saw a large spike in house prices despite losing population, according to an analysis from MoneyGeek. The city is one of six California cities to significantly buck the trend of population loss leading to slower home price growth.

From 2021-22, San Ramon’s population shrank 1.1%, but its home prices rose 23.7 percent. Pleasanton was also included in one of the six cities, with a population loss of 2% and a home value change of 20.6 percent. San Ramon and Pleasanton were the only NorCal cities included on the list. The others were:

1. Carlsbad (25.5% change, 1% loss)
2. Santa Barbara (23.7% change, 0.8% loss)
3. Newport Beach (21.9% change, 0.9% loss)
4. Lake Forest (20.3% change, 0.1% loss)

On average, American cities with declining populations see rise of only 12 percent, according to MoneyGeek.

Median San Ramon sales prices have dropped from 2022 levels but are rising again, according to an analysis from real estate purveyors Read & O’Byrne. The median sales price in 2022 was $2.1 million in 2022. It dropped 22.7% to $1.6 million in 2023, and rose 8% to $1.75 million in 2024, according to the analysis. Nearby cities saw similar trends, though San Ramon saw the sharpest drop between 2022 and 2023.