How crazy is the San Francisco’s housing market?
The median sale price of all homes is 1.3 million dollars. The median household income is about $80K. This puts the median sale price to median household income at a ratio above 16. I have never seen the ratio this high before. In 2006, these ratios were 10. I thought the housing market was a bubble than.
So how long are they sitting on the market before they sell?
Less than 60 days. This is called “selling high”.
I do not understand why people would move there. This can not last.