San Francisco’s housing market has cooled significantly, yet it remains the priciest metro area in the United States. Prices for single-family detached homes in the city now average $1.39 million, reflecting prices last seen in 2019, confirmed Mark Stayton, a senior public relations specialist at Zillow.
Condo and co-op prices in San Francisco have also dropped 14.7% from their May 2022 peak to an average of $986,000, according to an analysis of Zillow data from Wolf Street, bringing prices back to 2015 levels. Between 2012 and May 2022, condo prices doubled but have since fallen by 30%, or about $170,000.
At the infamous Millennium Tower, which gained nationwide attention in 2016 for its sinking issues, a condo sold for $615,000 in September of this year — a steep 44% decline from its $1.1 million sale price 10 years earlier.
The downturn aligns with widespread layoffs in the tech industry. Wolf Street reports that the “Information” sector, which includes software and data processing, has cut 20% of its workforce since August 2022, reaching employment levels not seen since January 2020. The broader “Professional, Scientific, and Technical Services” sector, with fields like consulting and engineering, has also shrunk by 7%, with 213,500 employees as of November 2024. As SFGATE previously reported, 10,200 permanent layoffs were filed in SF for all of 2023.
Despite these price declines, San Francisco remains the nation’s priciest place to live. The Orange County Register writes that living in San Francisco costs 18.2% more than the average U.S. metro area, driven largely by housing expenses. Residents pay double the national average for housing and 58% more for utilities.
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