I don't keep up with the home price trends, but I bought a 2 bedroom condo on the peninsula within walking distance of Caltrain for less than any one bedroom I could find in SF.

Median price doesn't matter as much as the point-in-time price for what the homebuyer is looking for. A 3 bedroom house in Palo Alto can distort the price curve when all you want is a small condo in Burlingame.