SAN FRANCISCO (KRON) — Nearly one in five San Francisco home sellers took a loss in selling their home during the three months ending on Feb. 29, according to a new report. The report, from online real estate brokerage Redfin, said that’s a higher share of home sellers taking a loss than any other U.S. metro.
At nearly 20%, that’s also more than four times the national share of home sellers taking a loss, which is 4.3%. In SF, the typical homeowner who sold their home at a loss sold it for $155,000 less than they paid for it, Redfin said.
That’s significantly higher than the nationwide median loss, $39,912.
San Francisco and the Bay Area in general remain home to the most expensive real estate market in the U.S. However, according to the report, many San Francisco home sellers bought their homes during the pandemic when prices were at their peak.
The median sale price for a home in SF peaked at $1.66 million in April 2022. It has since dropped 15% to $1.41 million.
“The typical person who bought in San Francisco at nearly any point in 2021 or 2022, when the housing market was red hot due to ultra-low mortgage rates, would have taken a loss if they sold during the first few months of the year,” Redfin said.
Methodology
Redfin’s report was based on an analysis of county records and MLS data across the 50 most populous metros in the U.S.
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