Despite talks of an AI boom increasing demand for housing in San Francisco, housing in the city is still being sold on the cheap.
San Francisco's housing market is still suffering, with condos in the Californian city being sold for as little as half their original value.The city—a magnet for the thriving tech sector—expected a rise in housing demand after rapid developments in the artificial intelligence industry. However, sales on condos, particularly in the downtown area are still making losses, to the point where San Francisco is the only major city in the U.S.
The decline in condo prices in San Francisco started during the pandemic, as working-from-home initiatives and office closures led to a decline in workers needing to live in the city.Between 2020 and the start of 2024, the average value of a condo in San Francisco dropped by 12.8 percent, from $1.14 million to just $997,000, according to Zillow, a real-estate marketplace tracker.
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