2023 San Francisco Residential Sales Recap YEAR-OVER-YEAR 2022-2023
2023 was a very interesting year in the world of residential real estate. The harsh reality of interest rate climbing to 8% had a tremendous impact on the volume of real estate transactions. As buyer affordability became more and more untenable, Sellers desire to sell flattened. The year of real estate can be defined as 3 of the 5 D’s of real estate: Death, Divorce, & Diapers. Diamonds and downsizing were largely put on hold as interest rates kept rising. The majority of advice I gave my clients was to only sell if you needed the equity out of the house. If the equity was not better served somewhere else, then the best path was to hold for us to see where the market headed. Unfortunately, my advice also included selling if your only other option was to rent the home. Renting property in San Francisco can be very complicated and comes with a lot of risk.
2022 v. 2023
-27.1% Decrease in total Sales Volume ($3.691B)
-12.7% Decrease in Median
+31.8% Increase in Days on Market (DOM 29)(DOM 29) -27.1% Decrease in the to- tal Sales Volume (in $) ($3.691B)
Sale Price ($1,550M)
-9.5% Decrease in Avg. $ Per Square Foot: ($989.82)
-6.0% Decrease in the Avg. List Price to Sale Price Ratio (103.4%)
Median Price (Sold)
Unit Sold
Median Price (Sold)
2023
% Chg
2023
% Chg 2023 % Chg
Dist. 1
154
-23.0%
$2,025
-14.8% 30 42.9%
Dist. 2 Dist. 3 Dist. 4 Dist. 5 Dist. 6 Dist. 7 Dist. 8 Dist. 9 Dist. 10
329 134 259 226
-25.4% -16.3% -18.0% -31.3% -21.4%
$1,501 $1,240 $1,731 $2,355 $2,600 $4,995 $3,950 $1,675 $1,100
-13.3% 24 26.3%
-12.9%
28
16.7%
-13.4% 26 30.0% -12.3% 30 50.0%
33 83
-10.6% 47
62.1% 54.5% 31.3% 31.8%
-1.2%
6.9%
51
13
-55.2% -19.4% -17.2%
33.0% -9.0%
63 29
191 381
-9.1%
30 20.0%
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