Turns out, not a lot. As recent Zillow data shows, housing prices in both areas are at multi-year highs, and new inventory is low. Realtors in both locations say competition among buyers is fierce, especially for homes under the $1 million mark.
Here are two houses that exemplify that trend, both of which have generated plenty of interest given their price point below $1 million.
San Francisco carriage house with a small footprint, but prime location
List price: $799,000; Size: 1,015 square feet (lot size is 6,250 as a whole); Price per square foot: $787; Amenities: Private deck, parking
On one of the city’s busiest thoroughfares, this NoPa home is a cozy Victorian carriage house tucked in the back of a double lot, with two bedrooms, two bathrooms, and parking spaces for two cars.
It was built in 1888 by John White Morshead, an Englishman who came from England to start a livery business in Sacramento, after which he moved to San Francisco. Within 5 years of being in the city, he built an estate on the corner of Divisadero and Turk — complete with a main house (that’s also on the market but selling as a duplex), and this carriage house, which has its own private deck and a washer/dryer. The kitchen and baths have been recently remodeled.
Corcoran Global Living real estate agent Bonnie Spindler, who is the listing agent for the entire property, says she’s had up to 25 showings a day since the house was put on the market and has already put out dozens of disclosure packages. “There’s just a lot of competition for that unit,” she said. “There’s just nothing like it.”
She says homes like this one are in high demand in San Francisco, but low supply. “In the under a million category, there’s just a load of buyers and not a lot of sellers,” she said.
When people ask her what they can buy in San Francisco for around $800,000, she says there are options — but how many options and in which areas depends on how much space a buyer wants. “For $800,000 you can live in a closet on Nob Hill, or a studio in Pacific Heights, or, you can buy a 2-bedroom carriage house with parking in NoPa,” she said.
Or, you could live in a Tudor in East Sacramento.
Four-bedroom fixer upper in a desirable Sacramento neighborhood
List price: $829,950; Size: 2,031 square feet, lot size is 6,250 square feet; Price per square foot: $409; Amenities: Garage parking, front yard, back yard
During the pandemic, one of the top destinations for residents leaving the Bay Area has been the Sacramento area. Zillow data shows home prices in the region were up 9% in January from a year ago, and for-sale inventory was down 27%.
Which partially explains why this 1927 single-family home — a four-bedroom, two-bathroom with a spacious yard in the “Fabulous Forties” neighborhood — has seen such outsized interest.
Coldwell Banker real estate agent Rich Cazneaux, who is the listing agent, says the home’s bedroom and bath count is “excellent” for that price point, but the house still needs a lot of work. “Most likely someone’s going to come through and put a good chunk of money in that house,” he said.
Despite that, he’s already had about 30 showings in the last week. The house will likely shoot up in price even more, he says, which reflects the growing competition for buyers in Sacramento.
“We are significantly low on inventory right now,” he said. “Anything $500,000 to $800,000 (is) flying off the shelves.”