Nearly twice as many homes are for sale in San Francisco as residents continue to leave one of the most expensive cities in the country amid a pandemic-driven exodus.
According to a Zillow report published last week, housing inventory is up 96% from this time last year, and listing prices have also dropped by 5%. Though you’ll still spot San Francisco’s infamously high price tags on online housing sites — Zillow lists the city’s median home value at about $1.45 million.
The report points out that other metro areas are not seeing the flood of new listings that San Francisco is experiencing — inventory in and around cities like Los Angeles, Seattle, and Boston is either steady or dropping.
The Zillow report is just the latest data point in a growing consensus that more people are leaving San Francisco during the COVID-19 pandemic.