Some time ago i did this math by choosing random bay area properties in Zillow, find the oldest last sold price and arrive at CAGR to the current zestimate. Mo

Some time ago i did this math by choosing random bay area properties in Zillow, find the oldest last sold price and arrive at CAGR to the current zestimate. Mostly it was in the band of 6-8%. This is less than S&P 500 and considering the mortgage rate was >6% before 2006 its not much. One exception to this is properties bought in the 2008 recession which had 12-18% CAGR.