The Golden City is losing its shine.
Housing prices in San Francisco have plunged to pre-pandemic levels amid widespread layoffs in the tech sector, SFGATE reports.
Despite still being one of the more expensive metropolitan areas in the US, prices for condominiums and co-ops in the city were down 14.7% from May 2022 and now average $986,000.
Those prices have not been seen since 2015, according to Zillow data analyzed by Wolf Street.
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Single-family homes are down 15.4% from their peak in 2022, now at an average of $1.39 million, according to data provided to SFGATE by a Zillow representative.
According to the outlet, condo prices doubled between 2012 and 2022, but have now declined by 30% in the past two years.
The Millennium Tower, notorious for being the leaning tower of San Francisco, saw a 44% decrease in price per unit. In September, SFGATE reports, one condo sold for $615,000. A decade prior, it sold for $1.1 million.
The decrease in housing costs coincides with widespread tech layoffs, according to Wolf Street, which reported that the “Information” industry saw a 20% decrease in its workforce over more than two years since its peak.
In the “Professional, Scientific, and Technical Services” industry, there was a 7% decrease in employees compared to June 2022.
According to SFGATE, there were 10,200 permanent layoffs filed in the city during 2023.