San Francisco is the only major U.S. city where it’s cheaper to buy a home now than it was five years ago, according to data from real estate listing site Zillow.
Based on what the company calls the “Zillow Price Index,” San Francisco is the only U.S. city among the top 100 most populous cities to see a decline in home prices from November 2019 to November 2024.
Typical home prices in the city fell by 3.7% during this period. Prices have increased in all other cities. Across the Bay, Auckland had the smallest increase, with average house prices rising 2.1%. In other major U.S. cities, prices rose 37.58% in Los Angeles. In Austin, it was 38.34% and in Miami, it was 69.26%.
Cheap is one thing. But is it cheap? That’s another story.
According to Zillow, the typical home price in San Francisco in November 2024 was $1.26 million, up from $1.31 million five years ago. In 2019, San Francisco had the most common home prices among major cities, more than 30% higher than second-place San Jose.
In 2024, San Francisco was one of only four California cities with a typical home price above $1 million.
Kara Ng, senior economist at Zillow, said San Francisco is an outlier to begin with.
“Five years ago, San Francisco was by far the most expensive city to buy a home in the United States,” Ng said, adding that the pandemic has meant that a high-wage but price-constrained workforce is moving toward more affordable housing. He added that they tend to gather in the following areas.
