Median Price of a Home in San Francisco Reaches $1,000,000
Wow. I knew that sky high wages paid to tech workers in the San Francisco area was causing a massive gentrification of San Francisco proper but this is insane:
$1 Million City: S.F. Median Home Price Hits 7 Figures for 1st Time
The median price paid in June for a new or existing single-family home or condo in San Francisco hit $1 million for the first time, according to a report released Wednesday by DataQuick.
It was the first time any Bay Area county hit a seven-figure median, DataQuick spokesman Andrew LePage said. The median is the price at which half of homes sold for more and half for less.
The nosebleed price is a result of limited inventory and an influx of cash buyers willing to pay whatever it takes, says Cece Doricko, a Realtor with TRI Coldwell Banker. Many are tech workers with stock compensation from an initial public offering or takeover. Realtors call them “Google kids,” even if they are 40 years old and work in biotech. A secondary group of cash buyers are investors from outside the country, mostly Asia, who see San Francisco as a relative bargain.
Entry filed under: Musings.