S.F. versus Seattle: For people mulling a California exodus, what home does $1.2 million get you?
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A home for sale in San Francisco (left) compared to one in Seattle.Vanguard Properties; Homesmart
The California exodus may be overhyped, as a recent Chronicle analysis of U.S. Postal Service data shows. But for the minority of people moving out of the Bay Area who are also leaving California, one of the top destinations for those who did leave was King County in Washington, which includes Seattle.
Home prices in Seattle tend to be more affordable than in many parts of the Bay Area, making it a popular choice for relocators looking for a similar climate and job opportunities in the tech industry. The median sales price for single-family homes in San Francisco was $1.75 million as of January 2021, according to a report from the California Association of Realtors. Seattle’s median price reached $1 million in 2021, according to data from the Northwest Multiple Lis
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Booming Housing Market Creates Shifts in SoCal Moving Patterns
Many potential buyers have been undeterred by rising home prices throughout Southern California, despite high unemployment and cutthroat competition for houses entering the market, say realtors.
Others, however, say they’ve been priced out of the state and have decided to leave especially young, potential first-time buyers. Some experts are calling for a hike in mortgage interest rates to calm the market.
In Orange County, record-low interest rates for mortgages have encouraged the demand for housing, and with limited inventory, home prices have risen. In 2020, Southern California saw a 13 percent rise in the median sold prices of single-family homes, according to the California Association of Realtors.