MARKET TRENDS
San Francisco’s prime real estate sector demonstrated resilience in 2024. At the ultra-high end ($9M+), the volume of transactions dipped slightly, yet sale prices surged, underscoring sustained demand for trophy properties. Notably, homes priced above $20M on the city’s prestigious Gold Coast traded hands—some with multiple bids—suggesting a revival in the venture capital community following a brief hiatus. Historically, a rebound in VC activity has preceded a resurgence in demand for homes at all price points, hinting at further strength in the luxury segment. Market sentiment suggests a substantial pool of high-net-worth buyers actively seeking the right property—waiting for the perfect opportunity to enter the market. Luxury Market: A Resurgence at the Top End
SINGLE-FAMILY HOME MARKET Single Family Homes make up 48% of total home sales in San Francisco
San Francisco’s real estate market showed measured gains in 2024, with rising prices, increased transaction volumes, and improved market efficiency. While activity remains below historical peaks, growing buyer and seller confidence suggests a stabilizing landscape. Upward price momentum and stronger sales indicate a healthier, more active market. Despite macroeconomic uncertainties, the data points to a fundamentally resilient housing sector. San Francisco’s housing market over the past decade has delivered substantial equity gains, with the median sale price increasing despite a decline in transaction volume. The imbalance between supply and demand has driven home values higher, even as the number of sales fell and the average time on market increased. Long-term homeowners have benefited from significant appreciation. The data underscores our persistent housing shortage and its resilience as a high-value real estate market.
2024
MEDIAN SALE PRICE
VS 2023
VS 2014
2024 in Review
$1.61M
↑3.9%
↑55.1%
San Francisco’s single-family housing market in 2024 demonstrated modest price appreciation, though transaction volumes remained below historical averages. Homes continued to sell at a premium over list prices, yet buyers adopted a more measured approach, extending the time required to close deals. While competition persists, the market operates at a more deliberate pace compared to a decade ago, reflecting evolving affordability challenges, elevated financing costs, and broader economic shifts.
NUMBER SOLD
2,067
↑13.4%
↓20.6%
AVG $ / SF $1,203
↑3.4%
↑43%
KEY INSIGHTS
• Sustained Price Growth: The median sale price continued its ascent in 2023, posting a significant increase from 2014 levels. This trend highlights the persistent demand for housing in one of the nation’s most supply-constrained markets. • Muted Transaction Volumes: While home sales rose year-on-year, total transactions remain well below 2014 levels, reflecting a broader contraction in liquidity over the past decade.
• Premium Valuations: The average price per square foot saw a notable increase, reinforcing San Francisco’s position as one of the most expensive real estate markets in the US. • Evolving Market Dynamics: The list-to-sale price ratio remained above 100%, indicating that competitive pricing remains a factor. However, the pace of transactions has slowed, with homes spending more time on the market compared to 2014.
LIST / SALE RATIO
107%
↑3.5%
↑4.7%
DAYS ON MARKET
27
↓6.9%
↑60%
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