California Condo Sells for About Half Its Value as Housing Market Rocked

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Homeowners in San Francisco are accepting significant losses to sell their properties.

A condominium in downtown San Francisco, an area that's been rocked by several problems in the past few years, was sold last week for about half of its purchase price in 2019, as shown on real estate marketplace Zillow.The property, a two-bedroom, two-bathroom condo on 1075 Market St, a five-minute driving distance from Union Square and a three-minute driving distance from the troubled neighborhood of Tenderloin, was listed for sale on Zillow on January 18 for $695,000.

As of Monday, April 15, there were a total of 1,336 properties—including single- and multi-family homes, condos, apartments and lots—listed for sale on Zillow, 188 of which had a price reduction.Home prices in San Francisco, one of the most overvalued metropolitan areas in the country, have dropped dramatically during the correction of the housing market of late summer 2022 and spring 2023.

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