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The San Francisco Exodus

The San Francisco Exodus

A recent report coming from Zillow has shown us trends in urban and suburban housing changes as we progress through this year. Perhaps unsurprisingly, the city of San Francisco has demonstrated a dramatic increase in housing inventory on the market and far more of an increase than any other major US city.

Inventory has risen 96% compared to last year at the same time. Residents of the city are widely fleeing the area to more remote and affordable locations.

We speculate that living in this expensive city is becoming unjustifiable as the pandemic continues. Because thousands of tech industry workers, as well as workers in many other industries, do not see themselves returning to an office and have little leisure nor lifestyle incentive to stay in the area, they are packing their bags, leaving, and listing real estate. All of these conditions in mind, it is simple to see why folks are interested in taking the leap to try something new.

Closeby in Lake Tahoe, where our real estate market is tied to that of San Francisco, we uniquely understand the reality of this “exodus” as we watch many past San Francisco residents settling into homes in this area.

Find the complete SF Gate article here, “The 2020 San Francisco Exodus is real, and historic, report shows.”

This article was published based on a market report done by Zillow: view the complete Zillow Market Report here.

 

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Amie Quirarte

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