Homes Selling For Half Price In San Francisco: Report

SAN FRANCISCO — Condominiums in San Francisco are selling for as low as half their original value, Newsweek recently reported, noting the tech hub is the only major U.S. city where it is cheaper to live today than five years ago.

Housing costs are 1 percent lower now than in 2019 in San Francisco, compared to a 48 percent increase in the price of housing for the average U.S. city resident, according to Newsweek, citing Realtor expert Rohin Dhar.

Condos in particular have been hit hard in San Francisco, where one unit on Mission Street sold for $775,000, down from a value of $1.4 million in 2015, the publication reported, adding the average condo value in the city is down 12.8 percent from $1.14 million in 2020.

However, the tide could be changing, according to Newsweek.

“Over two-thirds of professional U.S. companies said that their new job ads will no longer have the option of fully remote work this year, indicating a return to the office in 2025 that could herald the same demand for San Francisco housing that raised values so much in the first place,” the publication reported.

Read more from Newsweek.