Property Prices in San Francisco Fall by $10 Million as the Housing Market Collapses

The stark real estate climate in San Francisco and the United States was crystallized when a home was sold for half of its original listing price.

The home in the Russian Hill neighborhood sold for $9,990,000 on November 9, after being listed in October 2022 at $19,995,000.

The house remained on the market for over a year before selling at roughly half the initial asking price in a city that is becoming typical of the nationwide housing downturn.

According to a 2022 Sacramento Bee report, Leslie Stretch, CEO of software business Medallia,

and his wife Heather purchased the home for $20 million in January 2020 but placed it for sale just two years later after their youngest kid left for college.

Nina Hatvany, the listing agent, was contacted by Newsweek via email for comment.

While the $10 million loss is enormous, it is reflective of the broader turmoil in the San Francisco housing market,

which is experiencing a cooling spell with a 2.3 percent decrease in median listing home prices from the previous year, according to Realtor.com.

According to RealDeal, one out of every eight house sellers in the city and peninsula areas is losing money, with losses often running into the hundreds of thousands of dollars.

The luxury market, where properties historically commanded exorbitant prices, is severely hit, with high-end mansions such as the aforementioned property experiencing the sharpest price decreases.

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