San Francisco is the only major U.S. city where it’s cheaper to buy a home now than it was five years ago, according to data from real estate listing site Zillow.

Of the 100 largest U.S. cities by population, San Francisco is the single example that saw home values fall between November 2019 and November 2024, based on what the company calls the “Zillow price index.”

The city saw the typical home price decline by 3.7% during that period. All other cities saw prices increase. Across the Bay, Oakland had the smallest increase, with the average home value rising 2.1%. Among other major U.S. cities, prices rose 37.58% in Los Angeles; 38.34% in Austin, and 69.26% in Miami.

Cheaper is one thing. But cheap? That’s a different story. 

According to Zillow, the typical home value in San Francisco in November 2024 was $1.26 million, versus $1.31 million five years ago. In 2019, San Francisco had by far the highest typical home price across all major cities, coming in more than 30% over second-place San Jose.  

In 2024, San Francisco was one of four cities, all in California, with typical home prices over $1 million.

Kara Ng, a senior economist at Zillow, said San Francisco was an outlier in the first place. 

“Five years ago, San Francisco was far and away the most expensive city to buy a home in the U.S.,” Ng said, adding that the pandemic fueled the ability for a highly paid but price-constrained workforce to flock to more affordable areas.