KGO 810 San Francisco
Tax revenue from Facebook's $104 billion IPO may not fill California's $16 billion budget deficit, but it will likely give a boost to Silicon Valley's already inflated real estate prices.
The median home value in Menlo Park, Calif., the home of Facebook's headquarters, is $1 million, up 4.5 percent year-over-year according to the Zillow Home Value Index.
Old and new Facebook workers are buying up property in the Bay Area, adding to the demand from tech workers at nearby companies like Google, Zynga and LinkedIn.
In the nearby town of Cupertino, home of Apple Inc., the median home value is also $1 million, up 1.6 percent year-over-year, according to Zillow.
Around the time that Facebook announced its IPO and started its road show, there was an influx of multi-million dollar real estate coming onto the market in Silicon Valley, said Zillow chief economist Stan Humphries.
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