MARKET TRENDS
MARKET TRENDS
2024 HOUSING MARKET TRENDS Resilient Pricing Amid Lower Sales Volumes
BY THE NEIGHBORHOOD Rising Transactions and Selective Price Growth
Despite a decline in total sales volumes compared to a decade ago, the housing market continues to exhibit price resilience. Transaction activity has softened, reflecting shifting buyer sentiment, yet median prices and price per square foot remain firmly on an upward trajectory. The median sale price has appreciated significantly over the past decade, reflecting sustained demand and limited supply dynamics. Meanwhile, average price per square foot has also seen steady gains, suggesting a willingness among buyers to pay a premium for available inventory. Days on market (DOM) has edged lower year over year, indicating that competitively priced properties continue to attract buyers efficiently. However, compared to 2014, homes are taking longer to sell, a likely reflection of higher borrowing costs and a more measured pace of transactions. Overall, the data underscores a market in transition—characterized by rebounding sales activity and continued price appreciation, suggesting that long-term structural factors are keeping valuations elevated despite cyclical pressures.
UNITS SOLD
MEDIAN SALE PRICE (M) 2024 YOY
DAYS ON MARKET
2024
YOY
2024
YOY
287
5.5%
$1 ,760
8.3%
31
-6.1%
DISTRICT 1
434
10.2%
$1 ,539
4.0%
21
-22.2%
DISTRICT 2
161
4.5%
$1 ,250
4.0%
26
-10.3%
DISTRICT 3
332
11.0%
$1 ,740
6.4%
27
-12.9%
DISTRICT 4
634
6.6%
$1 ,698
8.6%
34
-8.1%
DISTRICT 5
248
-1.2%
$1 ,150
-8.0%
41
-12.8%
DISTRICT 6
388
32.4%
$2,050
5.1%
47
4.4%
DISTRICT 7
2024
459
17.7%
$1 ,015
3.0%
68
1.5%
DISTRICT 8
TOTAL SALES UNITS
VS 2023
VS 2014
892
7.5%
$1 ,141
3.7%
55
-6.8%
DISTRICT 9
4,306
↑10.4%
↓22%
480
12.9%
$1 ,056
-1.9%
40
11.1%
DISTRICT 10
MEDIAN $
$1,360
↑4.1%
↑36.7%
The property market has demonstrated notable resilience, with transaction volumes increasing across most districts. Sales activity was particularly strong in key residential areas, reflecting sustained demand despite broader macroeconomic pressures. Price trends, however, were more varied. More quintessential San Francisco neighborhood districts saw healthy price appreciation, particularly in higher-end segments, while areas with higher density housing stock experienced more moderate gains. A few areas even recorded price declines, suggesting selective softening in certain pockets of the market. Overall, the data points to a market in transition—while sales volumes are recovering, pricing strength remains uneven among San Francisco’s many micromarkets, shaped by both economic conditions and district-specific fundamentals.
AVG $ / SF $1,017
↑2.4%
↑20.8%
DAYS ON MARKET
42
↓4.5%
↑23.5%
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