San Francisco’s Mass Exodus: Twice as Many Homes Are for Sale Compared to Last Year as People Look to Leave the City
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.