Year over year, Q3 2025 rents rose approximately 12.4%.
Statistics in this report are general indicators rather than exact measurements applicable to any particular property.
The San Francisco 2-4 Unit Apartment Building Market
October 2025, Q3 Report
“Artificial-intelligence firms are leading a revival of the San Francisco office market…The amount of office space being leased has rebounded strongly this year and is back to pre-pandemic levels...[One global real estate analyst] said conditions resemble those in 2012 when the country was still recovering from the global financial crisis…[and that] the city is well- positioned to boom once again as AI expands to touch virtually every aspect of daily life.” After the pandemic hit, the biggest factors in the weakening of the San Francisco rental market were the emptying out of its office buildings, the decline in high- tech employment, and the subsequent decline in population. That situation began to turn around in 2025 with the rapidly accelerating AI start-up boom occurring in the city. According to Apartment List, San Francisco has experienced the fastest rent growth of any major city in the country over the past 12 months – approximately 12.4% – and rents are rapidly approaching pre-pandemic prices.
Wall Street Journal , “A 1125-Foot Sign of Life for San Francisco’s Office Comeback,” 9/2/25
San Francisco 2-4 Unit Building Sales Sales Volume, 2017 – Present, by Quarter
Closed sales typically reflect offers accepted 3 to 6 weeks earlier. The market is often subject to seasonal trends in supply and demand.
Q3 2025 sales rose 40% higher than Q3 2024 to hit its highest quarterly count since Q2 2022.
160
140
120
100
80
60
40
82 113128135101134116116 75 131133110 90 44 76 116116168137153129137101 90 60 110 99 93 76 100 93 124 85 114130 20
As reported to NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Last reading estimated and may change with late reported activity.
Listings Accepting Offers (Going into Contract) San Francisco 2-4 Unit Building Market by Month
Among other factors, the market is typically subject to seasonal trends in supply and demand, with accepted-offer activity usually peaking in Q2 and hitting its low point in mid-winter.
June 2021
70
September 2025 saw a rebound in listings going into contract after the summer slowdown.
60
March 2022
June 2025
50
Oct. 2024
June 2023
40
30
20
10
Updated through September 2025
0
As reported to MLS, per Broker Metrics. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate. Last reading estimated and may change with late reported activity.
San Francisco Residential 2-4 Unit Building Sales Number of Buildings Sold by Year
Over the past 25+ years, the condo and TIC conversion option first increased 2-4 unit building sales, but ultimately reduced the inventory of unconverted 2-4 unit buildings to sell. In 2020, the pandemic caused sales of tenant- occupied properties to plummet, but 2021 saw a rebound with the release of vaccines. Sales dropped again in 2022 & 2023 due to economic and demographic conditions – such as increasing interest rates, a decline in city population, the emptying out of downtown office buildings, and negative media coverage. Powered by a strong Q4, 2024 sales saw a small rebound.
900
800
700
600
500
400
300
Interest rates soar ↑
200
2008 market crash ↑
Pandemic hits ↑
100
Sales reported to MLS. Years 2001-2004 omitted. Data from sources deemed reliable, but may contain errors and is subject to revision. 2024 sales estimated using data available in early January 2025. All numbers are approximate, and may change with late reported sales.
San Francisco 2-4 Unit Building Values Median Sales Prices, by Quarter
How these prices apply to any particular property is unknown without a specific comparative market analysis.
$2,100,000
$2,000,000
$1,900,000
$1,800,000
$1,700,000
This chart reviews the overall median sales price for all 2-4 unit buildings sold by quarter. Median sales prices can be affected by other factors besides changes in fair market value. Longer-term trends are more meaningful than short-term fluctuations.
$1,600,000
$1,500,000
$1,400,000
$1,300,000
$1,200,000
As reported to NorCal MLS Alliance. Does not include units classified as houses or condos. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and may change with late reported activity.
Median Sales Price Trends since 2011 by Year San Francisco 2-4 Unit Residential Buildings*
A specific comparative market analysis is required to value any particular property.
ANNUAL Median Sales Prices
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2025 prices reflect sales through Q3 2025.
Other factors besides changes in fair market value can be at play in median sales price changes (such as fluctuations in the size of buildings sold).
San Francisco 3-4 Unit Buildings
San Francisco 2-Unit Buildings
*Sales reported to NorCal MLS Alliance by 9/30/25. These prices are generalities reflecting sales of a wide variety of buildings in locations of differing values. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate. Late reported sales may change data.
San Francisco 2-4 Unit Building Values Average Dollar per Square Foot Values, by Quarter
How these prices apply to any particular property is unknown without a specific comparative market analysis.
$750
$725
$700
$675
$650
$625
This chart reviews the overall average $/sq.ft. value for all 2-4 unit buildings sold by quarter. The Q3 2025 average $/sq.ft. value was essentially unchanged year over year. These values can be affected by other factors besides changes in fair market value. Longer-term trends are more meaningful than short-term fluctuations.
$600
$575
$550
$525
$500
As reported to NorCal MLS Alliance. Does not include units classified as houses or condos. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and may change with late reported activity.
Average Dollar per Square Foot Values by Year San Francisco 2-4 Unit Residential Building Sales since 2011
A specific comparative market analysis is required to value any particular property.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
AVERAGE Dollar per Square Foot Values by Year
$784
$780
$775
$751
2025 values reflect sales through Q3 2025
$750
$716
$696
$697
$689
$685
$652
$643
$631
$620
$607
$596
$589
$569
$550
$530
$530
$532
$514
$511
$478
$422
$411
$388
$364
$328
Other factors besides changes in fair market value can be at play in average $/sq.ft. values (such as fluctuations in the size of buildings sold).
In San Francisco, 2-unit buildings sell at a premium due to condo conversion rules.
San Francisco 3-4 Unit Buildings
San Francisco 2-Unit Buildings
Sales reported to NorCal MLS Alliance by 9/30/25. These values are generalities reflecting sales of a wide variety of buildings in locations of differing values. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Late reported sales may alter these numbers.
San Francisco Residential Rents – Approximate, Good Faith Estimates* Average Asking Rent, 1994 – Present, Q1 Data Points (except as labeled otherwise)
- 8%
2015
Year over year, Q3 2025 rents rose approximately 12.4% – according to Apartment List, San Francisco has seen the highest rate of rent appreciation of any major city in the country this past year. Rents are now approaching pre-pandemic prices. Estimates in this chart use Apartment List, Zillow & Socketsite.com data*
Q1 2020
- 25%
Q3 2025
$3,500
Q1 2024
$3,250
Pandemic hits ↑
$3,000
$2,750
| 2012-2019 recovery and new high-tech boom |
- 5%
- 25%
$2,500
Q4 2020
Dotcom peak →
$2,250
↑ 2008 financial markets crash
$2,000
$1,750
*Unlike property sales, there is no central place where signed lease rates are reported and recorded. Due to the different methodologies used to calculate these numbers from various data sources since 1994, plus free-rent and other incentives, these are very general estimates of overall trends in rent rates.
↑ Dotcom bubble pops
$1,500
$1,250
$1,000
1 st quarter data points except as noted. Numbers are estimated using data from a variety of rental data sources over the past 25+ years, using differing methodologies. Data from sources deemed reasonably reliable but may contain errors and subject to revision . All numbers are good-faith estimates and very approximate.
San Francisco Residential Income Market Market Dynamics: Buildings by Number of Units*
Market indicators can change dramatically from period to period, due to both economic conditions and seasonal trends. After slowing in summer, market activity typically accelerates in early autumn.
Multi-Family Buildings with Up to 8 Units
# Listings for Sale*
# Listings in Contract*
12 Months Sales*
Median Sales Price
Median $/Sq.Ft.**
Median Size (Sq.Ft.)
Avg. Days on Market**
Sales Over List Price
Prop. Type
2-Unit Buildings 3-Unit Buildings 4-Unit Buildings 5-8 Unit Buildings
68
24
262 sales $1,645,000 $646/ sq.ft. 107 sales $1,850,000 $516/ sq.ft.
2629 sq.ft.
38 days
48%
45
12
3727 sq.ft.
50 days
32%
32
4
63 sales
$1,600,000 $473/ sq.ft.
3517 sq.ft.
54 days
19%
29
23
106 sales $2,080,000 $385/ sq.ft.
5124 sq.ft.
54 days
19%
*Listings for Sale (Active/Coming-Soon) & Listings in Contract (pending sale) posted to MLS as of late September 2025. Other statistics per 12 months sales reported by late September 2025. **Median calculations will vary from average calculations, though both are legitimate methods of measurement. Not all sales report square footage figures.
Statistics often rise and fall according to seasonal trends. Average-days-on-market measures the time from going on market until offer acceptance for those properties that sold.
Data reported to NorCal MLS Alliance, may contain errors and subject to revision. Not all activity is reported to MLS. Multiple unit buildings classified as houses or condos excluded. All numbers approximate. Statistics based on past activity may not apply to future trends and can be distorted by outlier data (especially in low sales volume segments). Outlier data removed when identified. Numbers change constantly.
2-4 Unit Residential Building Values by San Francisco Realtor District Median Sales Price, Median Size & Median $/Sq.Ft. Value – 12 Months Sales*
San Francisco District
2-Unit Buildings
3-Unit Buildings
4-Unit Buildings
$3,300,000 2960 sq.ft.-$912/sq.ft. $1,730,000 2595 sq.ft.-$671/sq.ft. $1,800,000 2681 sq.ft.-$722/sq.ft $1,700,000 3000 sq.ft.-$600/sq.ft. $1,790,000 2995 sq.ft.-$559/sq.ft. $1,355,000 2500 sq.ft.-$614/sq.ft. $1,505,000 2276 sq.ft.-$641/sq.ft. $1,180,000 2060 sq.ft.-$550/sq.ft.
$2,975,000 4533 sq.ft.-$768/sq.ft. $2,000,000 3783 sq.ft.-$470/sq.ft. $1,647,500 3108 sq.ft.-$581/sq.ft. $2,100,000 3825 sq.ft.-$574/sq.ft. $1,875,000 3635 sq.ft.-$520/sq.ft. $1,250,000 3750 sq.ft.-$309/sq.ft. $1,700,000 4051 sq.ft.-$436/sq.ft.
Not enough sales for statistics
Pacific & Presidio Heights, Cow Hollow & Marina (District 7) Russian, Nob & Telegraph Hills; North Beach (District 8) Noe, Eureka & Cole Valleys; Ashbury & Corona Heights; Mission Dolores (D5) North of Panhandle (NoPa), Alamo Square, Hayes Valley, Lower Pacific Heights (D6) Lake Street, Richmond District, Lone Mountain, Jordan Park (District 1) Inner Mission, Potrero Hill, Bernal Heights, South of Market (District 9)
$1,817,500 3260 sq.ft.-$564/sq.ft. $1,600,000 3132 sq.ft.-$477/sq.ft.
Not enough sales for statistics
$1,600,000 3776 sq.ft.-$463/sq.ft. $1,462,500 3600 sq.ft.-$367/sq.ft. $1,545,000 3378 sq.ft.-$445/sq.ft.
Sunset, Parkside (District 2)
Not enough sales for analysis
Not enough sales for statistics
Bayview-Excelsior-Visitacion Valley (District 10)
*12 months sales reported to NorCal MLS Alliance by late September 2025. This analysis was performed in good faith with data derived from sources deemed reliable but may contain errors and subject to revision. Many factors affect multi-unit values, including income, condition, tenant profile, rent control and owner-occupancy. How these values apply to any particular property is unknown without a specific comparative market analysis. Houses with units and condo buildings excluded. All numbers approximate and may change with late-reported sales. Not all listings gave sq.ft.
2-4 Unit Residential Property Sales by San Francisco Realtor District, 12 Months Sales*
Realtor districts include other adjacent neighborhoods besides those used to identify the district. Districts often contain neighborhoods of varying values.
2-Unit Buildings
3-Unit Buildings
4-Unit Buildings
Mission, Potrero Hill, Bernal Heights (D9) Richmond District/ Lake Street (D1) Noe, Eureka & Cole Valleys (D5)
53
26
19
1908
56
16
15
1923
43
13
6
1907
Sunset/ Parkside (D2)
34
5
10
1946
◄ Median year of construction
Pacific Heights/ Marina/ Cow Hollow (D7) Hayes Valley/ NoPa/ Alamo Square (D6) Russian, Nob & Telegraph Hills; North Beach (D8)
19
24
4
1908
1900
◄ Median year of construction
19
9
3
Virtually all the 2-4 unit buildings sold over the past 12 months were of wood-frame construction. Most are 100+ years old, but the year of construction will generally determine the architectural style of the building: Victorian, Edwardian, Marina style, Spanish-Med, Art Deco, and so on.
15
10
3
1925
Bayview/ Excelsior/ Portola (D10)
15
1
3
1930
Sunnyside/ Forest Knolls/ Diamond Heights (D4)
6
1947
*12 months sales reported to NorCal MLS Alliance by late September 2025. This analysis was performed in good faith with data derived from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
San Francisco 2-4 Unit Residential Buildings 12 Months Sales by Number of Units & Price Segment*
2-Unit Building Sales
3-Unit Building Sales
4-Unit Building Sales
52
52
44
43
The size, age, condition, tenant profile, amenities, operating costs and rents vary enormously across 2- 4 unit multi-family properties in San Francisco.
28
24
19
19
17
17
16
15
14
13
12
10
9
8
6
5
5
2
1
1
0
0
0
Up to $1.25 million
$1.25m - $1.5m
$1.5m - $1.75m
$1.75m - $2m
$2m - $2.5m
$2.5m - $3m
$3m - $4m
$4m - $5m
$5m+
*12 months sales reported to NorCal MLS Alliance by late September 2025. Data from sources deemed reliable but may contain errors and subject to revision. Multiple units classified as houses or condos excluded. All numbers approximate and may change with late reported sales.
Absorption Rate: The higher the percentage of listings accepting offers, the stronger the buyer demand as compared to the supply of properties available to purchase.
Percentage of Listings Accepting Offers San Francisco 2-4 Unit Building Market by Quarter
Quarterly absorption rates have generally been rebounding over the past 4 quarters.
45%
45%
43%
42%
40%
40%
40%
38%
37%
36%
36%
34%
35%
34% 33%
33%
32%
32%
32%
31%
31%
30%
30%
29%
29%
30%
28%
27%
26%
25%
25%
25%
25%
25%
22%
20%
17%
15%
Pandemic hits
10%
Based upon SFARMLS activity; per Broker Metrics. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate, and may change with late reported activity.
Sales Price to Original List Price Percentage San Francisco 2-4 Unit Buildings, by Quarter
Based upon SFARMLS activity, per Broker Metrics
100% reflects an average sales price at the original asking price. 104% = an average price 4% over the asking price; 93% = an average price 7% below.
In 2025 YTD, the average sale sold slightly under list price, but those selling within 30 days – not illustrated on this chart – sold about 6.5% above list price. Correct pricing is critical in this market.
104%
102%
100%
98%
96%
94%
92%
90%
Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Fluctuations in this metric are not unusual.
Average Days on Market by Quarter San Francisco 2-4 Residential Unit Building Sales Note that average days on market typically run higher than median days on market, though the trends are usually similar. 2-unit buildings typically sell faster than 3-4 unit properties.
In 2025 YTD, about half of sales went into contract in less than 30 days.
70
68
65
60
61
60
59 59
58
57 57
55
54
53
53
53
53
50
50
48
46
45
43
43
40
42
42
41
41
40
40
38
37
30
20
10
Sales reported to SFARMLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Last reading may change with late-reported activity. Outlier sales adjusted when identified.
12 Months 2-4 Unit Bldg. Sales*
San Francisco 2-4 Unit Building Sales Number of Sales by Era of Construction
Year Built
Median Sq.Ft.
Median Sale Price
Median $/Sq.Ft.
Before 1920 3000 sq.ft.
$1,602,500 $561/sq.ft.
204
1920-1939 3120 sq.ft.
$2,027,500 $589/sq.ft.
200
Different neighborhoods of the city were built out during different periods.
1940-1959 2505 sq.ft.
$1,610,000 $645/sq.ft.
1960-1979 3264 sq.ft.
$1,710,000 $513/sq.ft.
150
1980-1999 3805 sq.ft.
$1,982,000 $505/sq.ft.
2000-2024 No sales
100
80
Victorian & Edwardian
Different neighborhoods were built out at different times, which impacts period values. Condo construction (not illustrated here) utterly dominated new construction in the last 25 years.
50
Spanish-Med, Art Deco, Marina Style
36
32
0
12
Prior to 1920
0
1920 - 1939
1940 - 1959
1960 - 1979
1980 - 1999
2000 - 2024
Period of Original Construction
Sales reported to NorCal MLS Alliance in the 12 months through late March 2025. Not all sales provided construction dates. Data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate.
Selected Economic & Demographic Indicators
Mortgage Interest Rates in 2023-2025 YTD 30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*
7.8
Per Freddie Mac (FHLMC), on October 2, 2025 the weekly average, 30-year, conforming-loan interest rate rose slightly to 6.34%.
7.6
7.4
7.2
Jan. 2025
Fed begins reducing its benchmark rate.
Fed’s first 2025 rate cut
7.0
Jan. 2024
6.8
6.6
Jan. 2023
6.4
6.2
Rates vary widely according to the property, price, borrower and lender.
Updated 10/2/25
6.0
*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.
Federal Funds Interest Rate since 1981 & Economic Interventions by Federal Reserve Bank*
Updated September 17, 2025
In September 2024, the Fed reduced the rate by a half point, and then by a quarter point in November and December. This past September, the rate was reduced for the first time in 2025 by another quarter point. Further cuts are expected.
20
◄ Early 1980’s: Fed aggressively raises fed funds target rate to lower inflation rate
18
16
Early 1990’s recession: Fed drops target interest rate 18 times, 1990-92
14
2022/2023/2024: Acting to counter inflation, Fed increases target rate 11 times, then pauses 8/2023 – 8/2024
Dotcom crash, 9/11 attack: Fed drops fed fund rate 12 times, 2001-02
12
Subprime crash: Fed drops rate 10 times to effectively zero in 2007-08
10
8
2019, 2020, 2021: With the pandemic, the Fed drops the rate to effectively zero
6
Junk bond boom
Dotcom boom
4
High-tech & pandemic booms
2
Subprime boom
0
* Per Federal Reserve Bank of St. Louis and New York; https://fred.stlouisfed.org/series/FEDFUNDS; Last reading per https://www.newyorkfed.org/markets/reference-rates/effr. Other data referenced from sources deemed reliable but may contain errors and subject to revision.
Nasdaq Composite Index Since January 1995
Updated through 10/3/25
10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 23,000
2025
“The Nasdaq Composite Index is a market capitalization- weighted index of more than 2,500 stocks listed on the Nasdaq stock exchange. It is a broad index that is heavily weighted toward the important technology sector.” Investopedia.com The Nasdaq hit a new all-time high in early October 2025. The S&P 500 Index, not illustrated here, also hit a new peak. Changes in stock market values have a large impact on housing markets, especially more affluent, higher price segments.
2024
2021
▲ Tariff shock
▲ Interest rates soar
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
2018
▲ Pandemic hits
2015
2000
2007
1995
Per https://fred.stlouisfed.org/series/NASDAQCOM. Because of number of data points, not every week has a separate column. Data from sources deemed reliable but may contain errors and subject to revision. For general illustration purposes only.
Inflation: Consumer Price Index (CPI), 2021 – 2025 YTD* Year-over-Year Percentage Change, by Month
8.9
9
8.6
8.5
8.4
8.28.2
8.2
The general “CPI-All Items” inflation reading for August 2025 rose to 2.9%. “Core CPI” (all items except food & energy, not illustrated on this chart) rose to 3.1%.*
7.9
7.8
8
7.5
7.1
7.1
6.8
7
6.46.4
6.2
6.0
6
5.4
5.35.3
CPI - All Items
5.2
4.9
4.94.9
5
Updated through 9/11/25 release
4.2
4.1
3.73.7
4
3.53.4
3.23.1 3.3
3.3
3.3
3.13.2
3.1
3.02.9
2.9
2.93.0 2.8
3
2.72.7
2.7
2.6
2.62.7
2.42.32.4
2.4
2
1.7
1.4
1
The “target inflation rate” for the Federal Reserve Bank is 2%.
0
*Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL], per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/graph/?g=8dGq. Data from U.S. Bureau of Labor Statistics. CPIAUCSL is a price index of a basket of goods and services paid by urban consumers. This index includes roughly 88 percent of the total population. Data from sources deemed reliable but may contain errors and subject to revision.
Economic Policy Uncertainty Index* By Month since January 2000
April 2025
450
The Economic Policy Uncertainty Index reading in September 2025 declined from August, having plummeted since April’s tariff shock, though remaining high by long-term norms.
400
Pandemic hits
The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*
May 2025
350
300
August 2025
250
Sept. 2025
Dotcom crash & 9/11
200
150
Subprime crash & great recession
100
2025
Updated through September 2025
50
*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3- component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html. Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.
U.S. Jobs Report * Monthly Change in Number of Jobs, in Thousands*
Monthly Change in U.S. Non- Farm Employment, in Thousands
500
482
Note: BLS often revises its monthly estimates, sometimes very substantially: For example the original May-June 2025 estimate of 291,000 new jobs has been revised down to 6,000. Weak employment growth in recent months has raised both fears regarding the U.S. economy and hopes of interest rate cuts by the Federal Reserve Bank.
400
323
310
303
290
287
300
278
261
256
246
240
240
236
210
Updated as of 9/12/25
193
184
200
182
165
158
146
120
118
111
102
87 88
100
79
71
44
22
19
-13
0
*U.S. Bureau of Labor Statistics, “All employees, thousands, total nonfarm, seasonally adjusted”: https://data.bls.gov/timeseries/CES0000000001&output_view=net_1mth. Last 2 readings are labeled “preliminary” and often substantially revised. Data from sources deemed reliable but may contain errors.
San Francisco Population Trends since 2010 U.S. Census Estimates, July 1 st to July 1 st
Changes measured from July 1 st of previous year to July 1 st of labeled year.
877,471 879,676 878,826
874,826
871,343
875,000
863,237
2023 to 2024, the county saw negative domestic migration, positive foreign migration, and more births than deaths – to total a 1% increase.
850,918
850,000
839,695
828,963
827,526
825,000
819,151
815,694
815,498 814,176
805,519
800,000
Population changes are driven by domestic and foreign migration into and out of the county, and by natural causes, i.e. births less deaths. 2023 to 2024, the county saw negative domestic migration, positive foreign migration, and more births than deaths.
Pandemic hits ▲ Data pertaining to changes in rent rates, rental vacancy rates, and median household income indicates that the greatest loss of residents 2020-2021 was of tenants.
775,000
750,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Estimates as of July 1 of each year. 2020-2024 data published March 13, 2025 by U.S. Census. The Census often revises numbers in subsequent estimates. All numbers to be considered approximate.
San Francisco Employment Trends Number of Employed Residents, by Month since 2016*
According to EDD, San Francisco employment numbers remain down by about 7% from early 2020 before the pandemic struck.*
525,000
500,000
475,000
450,000
Pandemic hits ▲ 15% drop in employment
Updated through August 2025
425,000
*Per California Employment Development Dept. (EDD) . Last month’s data is labeled “preliminary” by EDD. EDD often goes back to revise past data releases. Data from sources deemed reliable but may contain errors and subject to revision . All numbers should be considered approximate.
Median Resident Income Residents 25+ Years of Age, by Bay Area County
Per U.S. Census 2024 1-Year ACS estimates published September 2025
$100,000
$92,370
$90,281
$82,384
$80,803
$75,558
$75,000
$71,615
$70,608
$61,144
$59,409 $60,429
$50,000
$46,574
$25,000
$0
Monterey Santa Cruz
Solano Sonoma Napa Contra Costa
Alameda Marin San Mateo
Santa Clara
San Francisco
2024 inflation adjusted estimates. These analyses were performed in good faith with data derived from sources deemed reliable, but may contain errors and are subject to revision. Published with margins of error. All numbers approximate.
San Francisco Demographic Snapshot Median Resident Earnings & Percentage of Population by Level of Education*
$153,014
San Francisco is one of the most educated and affluent counties in the country. Of California counties, it has the 2 nd highest percentage of residents (after Marin) with either Bachelor’s, Graduate or Professional degrees. Among holders of bachelor’s, graduate and professional degrees, median earnings can vary enormously depending on the specialty of the degree, i.e. liberal arts, education, social services, business, computer science, law, medicine and so on.
$140,000
$120,000
$110,135
$100,000
$80,000
$60,000
$53,896
$46,939
$36,833
$40,000
$20,000
11.1%
10.6%
17.3%
35.2%
25.7%
$0
No high school diploma
High school diploma
Some college or AA degree
Bachelor's degree
Graduate or Professional degree
* U.S. Census 2024 ACS 1-Year Estimates, published September 2025. Residents 25+ years of age. Income estimates pertain to residents with earnings,. Data from sources deemed reliable, but may contain errors and subject to revision. Estimates often published with significant margins of error.
Owner & Tenant Occupancy Percentage of Housing Units, by Bay Area County
Per U.S. Census 2024 1-Year ACS estimates published September 2025
68.5%
70%
San Francisco is the only Bay Area County with a majority tenant population ▼ (though some cities within other counties also have tenant majorities).
64.5% 65% 65%
65%
63%
61.5%
60%
58%
57%
54% 54.5%
55%
53%
Owner Occupied
50%
Tenant Occupied
47%
45%
46% 45.5%
43%
42%
40%
38.5%
37%
35%
31.5%
35.5% 35% 35%
30%
San Francisco
Monterey Santa Clara
Alameda San Mateo
Santa Cruz
Solano Napa Sonoma Marin Contra Costa
Percentage of occupied housing units occupied by owners or tenants. Data derived from sources deemed reliable, but may contain errors and are subject to revision. All numbers approximate.
Median Age of Residents by Bay Area County
2024 U.S. Census ACS 1-year estimates, released 9/2025
48.2
45
43.4 43.7
41.5
41.1
40.5 40.5
39.5 39.7
40
38.3
34
35
30
25
Monterey Santa Clara
Alameda Solano Santa Cruz
San Francisco
Contra Costa
San Mateo
Sonoma Napa Marin
Derived from sources deemed reliable, but may contain errors and are subject to revision. All numbers should be considered approximate.
Foreign-Born Residents Percentage of Population, by Bay Area County
2024 U.S. Census ACS 1-year estimates, released 9/2025
The largest source of the foreign-born populations of Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa & Solano Counties has been from Asian countries – especially China and India – while in Monterey, Sonoma, Napa, Marin and Santa Cruz, the largest share came from Latin America.
42%
40%
36%
35%
34%
35%
Approximately 55% to 60% of foreign-born Bay Area residents are now naturalized U.S. citizens.
30%
30%
28%
25%
22%
21%
20%
20%
17% 17%
15%
10%
5%
0%
Santa Clara
San Mateo
Alameda San
Monterey Contra Costa
Solano Napa Marin Santa Cruz
Sonoma
Francisco
These analyses were performed in good faith with data derived from sources deemed reliable, but may contain errors and are subject to revision. Published with margins of error. All numbers approximate.
San Francisco Multi-Family Building Sales by Broker Market Share, Dollar-Volume Residential Income Properties*
30%
Over the 12-month period, Compass closed over 3650 transactions worth more than $7.2 billion in San Francisco residential and residential income sales.*
25%
Compass ranks 1 st in the Greater Bay Area for dollar-volume sales.
20%
Compass ranks 1 st in the U.S. per RealTrends Dollar-Volume Sales Rankings
15%
10%
5%
31.5%
7.2%
7.1%
5.4%
5.1%
4.0%
2.6%
2.5%
1.9%
0%
Collier's
Sotheby's
Side
Coldwell Banker
Vanguard Marcus & Millichap
Keller Williams
Corcoran
*12 months residential multi-family property sales reported to NorCal MLS Alliance by late June 2025. Analysis made in good faith using transaction- side, dollar-volume sales data, per MLS Ranking Report of top 30 brokers. Data from sources deemed reliable but should be considered approximate.
Note that the quantity of sales in any given local submarket is usually relatively small and/or the number of sales that report the necessary financial information can be limited. Buildings of different ages, qualities and sizes selling in different periods can cause these average and median figures to fluctuate significantly. Furthermore, the reliability of some of these calculations depends upon the quality of the income and expense figures provided by the listing agents, and sometimes instead of actual numbers, much less meaningful projected or scheduled figures are used. Therefore, the above statistics should be considered very general indicators, and how they apply to any particular property without a specific comparative market analysis is unknown.
These analyses were made in good faith with data from sources deemed reliable, but they may contain errors and are subject to revision. Statistics are generalities and all numbers should be considered approximate.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
© 2025 Compass
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