San Francisco Luxury Home Sells for Half its Original Price Amid Housing Market Slump

The sale reflects a broader trend in the city's real estate market, with homeowners increasingly likely to sell at a loss.

A luxury home in San Francisco's Russian Hill neighborhood sold for $10 million, half of its original asking price, reflecting the city's deteriorating housing market.
The home was purchased for $20 million in 2020 by Leslie Stretch, CEO of software company Medallia, and was listed for sale in 2022 after multiple price reductions.
San Francisco's housing market has been in a slump, with median housing prices falling from a peak of around $1.6 million in April 2022 to $1.2 million in January 2023.
Homeowners in San Francisco are four times more likely than the average US home seller to take a loss, with homes selling for an average of $100,000 less than the purchase price.
Experts predict a slow rebound in the housing market, with a 'bottoming out' of home sales in early 2024.