One of the country’s most expensive markets has sellers feeling the struggle so far in 2024. According to Redfin, 17.8 percent homes that sold in San Francisco during the three months ending February 29 sold at a loss—nearly the highest rate in 11 years and higher than any other metro in the U.S.
The national share of sellers taking a loss is the highest it has been since May 2021, but the share has been fairly stable over the past two years, hovering between 2-4.5 percent. Nationwide, the median loss was $39,912 compared to $155,500 in S.F.
San Francisco’s median sale price peaked at $1.66 million in April 2022, and has since fallen 15 percent to $1.41 million as of February.
After San Francisco, Detroit, Cleveland, St. Louis and Chicago had the highest share of homes selling at a loss. Homes were least likely to sell at a loss in Providence, Boston, Anaheim, Fort Lauderdale and San Diego.
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