MARKET TRENDS
MARKET TRENDS
CONDO MARKET
KEY INSIGHTS
• Price Appreciation: The median sale price rose year-on-year, continuing a longer- term upward trajectory, with significant gains relative to 2014. • Sales Activity: Transaction volumes increased compared to 2023, though remain significantly below 2014 levels, underscoring ongoing market volatility and tempered demand. • Price per Square Foot: Modest growth in the average price per square foot suggests continued buyer willingness to pay a premium for well-located properties. • Market Softening: The list-to-sale price ratio declined, while days on market remained elevated, with homes taking much longer to sell than in 2014, indicating a more measured pace of transactions.
Condominiums make up 52% of total home sales in San Francisco
San Francisco’s condo market in 2024 saw modest price growth alongside a notable increase in transaction volumes, indicating a gradual resurgence in buyer activity. Pricing power remained subdued, with properties selling closer to asking price and homes taking just as long to sell as in the previous year. The rise in total sales volume suggests improving liquidity, though the market continues to operate under tempered demand conditions. Overall, while the sector shows signs of stabilization, buyers retain a measured approach, reflecting broader affordability and economic constraints. Over the past decade, the condo market has experienced significant price appreciation, though transaction volumes have declined sharply. While overall sales values have increased, properties are taking longer to sell, and sellers are securing slightly lower premiums relative to list prices compared to 2014. The rise in price per square foot underscores sustained demand for high-value urban real estate, despite affordability challenges and evolving market conditions. These trends highlight a market that remains resilient but has fundamentally shifted toward slower, more deliberate transactions.
2024
MEDIAN SALE PRICE
VS 2023
VS 2014
$1.1M
↑1.4%
↑18.8%
NUMBER SOLD
2,235
↑7.6%
↓27.5%
AVG $ / SF $1,011
↑1.6%
↑11.8%
San Francisco’s condominium sector in 2024 exhibited gradual price appreciation but continued to face structural challenges, including longer selling times and a lower transaction volume compared to its peak years. While demand remains resilient, the market reflects a new equilibrium shaped by affordability constraints, financing costs, and shifting buyer preferences. A New Equilibrium
LIST / SALE RATIO
97.9%
↓1.1%
↓3%
DAYS ON MARKET
56
Flat
↑60%
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