San Francisco 'treat?' Homeowners flocking to these suburbs for a 'deal'
Turns out the "Golden Gate City" is in fact worth its weight in gold.
According to a new study, the liberal-leaning city has a modest median home value starting at a whopping $1.6 million, according to Realtor.com.
It's a far stretch from the average estimated median value of a home in the U.S., which stands at approximately $227,700, with an average listing price just below $300,000, according to Zillow.
Now, people are escaping suburbs like the Marina District and Pacific Heights for some lesser-known areas in order to get a steal on their mortgage.
Here are the top five neighborhoods where people are flocking for the best deals in the suburbs. All figures are based off 2018 prices -- the most recent data -- cited by Realtor.com.
Outer Richmond - $1.6 million
The median home sale price is $1,681,000, with a 16.7 percent increase in median sale prices over 2017. Although this area isn't the closest to the city center, it sits in the northwest corner of the city near the Pacific Ocean, offering the chance at a great view.
A median-priced home in the Outer Richmond, Calif. (realtor.com)
Local real estate agent Natalie Hatvany Kitchen said, “the commute across town to downtown can easily take 45 minutes, but the deal is worth it,” making this neighborhood a trade-off for most buyers.
Miraloma Park - $1.5 million
The median home sale price is $1,525,000, with a 9.9 percent increase in median sale prices over 2017. This neighborhood sits at 928 feet above sea level offering beautiful ocean views.
A median-priced home in Miraloma Park, Calif. (realtor.com)
It consists of mostly single-family homes, with upscale grocery stores and a lot of green space for activities.
Sunnyside - $1.4 million
The median home sale price is 1,425,000 with a 12.2 increase in median sale prices over 2017. The location of this town makes it easy to get to BART (Bay Area Rapid Transit) stations and I-280, as well as San Francisco City College.
A median-priced home in Sunnyside, Calif. (realtor.com)
It sits in the southern part of the metro, offering trendy coffee shops, restaurants and bars to its residents. It’s also home to beautiful green spaces, including the Sunnyside Conservatory, which is a meeting place for many who live there.
Outer Parkside - $1.3 million
The median home sale price is 1,350,000 with a 13.6 percent increase in median sale prices over 2017. This area is perfect for surfers, who are only a walk away from Ocean Beach on the city’s west side. Also nearby are Golden Gate Park and the San Francisco Zoo, as well as exciting cafes and bars downtown.
A median-priced home in Outer Parkside, Calif. (realtor.com)
“It’s starting to have more life,” local listing agent Janice Lee says, noting that both single-family homes and multifamily units are popular in this area.
Outer Sunset - $1.3 million
The median home sale price is 1,350,000 with a 12.5 percent increase in median sale prices over 2017. This neighborhood is far from downtown but has sparked a liking among homebuyers for its unique stores, coffee shops and bars.
A median-priced home in Outer Sunset, Calif. (realtor.com)
This area borders Golden Gate Park and Ocean Beach and although it’s not the most convenient area, it’s “becoming thought of as [more] hip,” according to listing agent Matt Ciganek.
Although most home prices in other major cities don’t compare, the city still tells us a lot about the housing market nationwide.
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"San Francisco has been affected by macroeconomic conditions and events that affect the whole country -- soaring stock markets, plunging interest rates, and high consumer confidence," Carlisle said.
Carlisle highlighted that a lot of this is due to “the high-tech boom in Silicon Valley and the rollout of recent large IPOs in the region.”