The document is a report on the San Francisco real estate market in January 2026, highlighting trends, price changes, and the impact of the AI startup boom on housing demand and prices.
San Francisco Real Estate January 2026 Report
In 2025, Bay Area real estate markets started the year seeing strong buyer demand, but had the wind taken out of their sails by the political/economic uncertainty that soared in early spring. Then, in mid- late summer, stock markets rebounded to hit new highs, and interest rates began a sustained decline, initiating a shift in the psychology of buyers and sellers that is still developing. However, in San Francisco, the market has been supercharged by its AI startup boom, a dynamic that dramatically accelerated this past fall. After years of social, economic and demographic challenges, the city has shifted back from being the weakest market in the Bay Area to the strongest. Stupendous amounts of new wealth are being created, and market conditions may well exceed those last seen in the IPO boom of 2019. Demand is far outpacing the supply of homes for sale, and we expect the city’s median house sales price will reach a new high in 2026. The luxury home market is particularly competitive, and in our most expensive district – which includes Pacific & Presidio Heights, Cow Hollow and Marina – median house and condo prices already hit new peaks in 2025. The condo market, though not as heated as the house market, has begun a substantial recovery fueled by high- tech workers flocking to the city. As 2026 begins, interest rates are near multi-year lows and stock markets are at or close to all-time peaks. Early in the new year, it is common for buyers, re-energized to move forward with major life decisions, to jump back into the market faster than sellers list their homes for sale. This disparity of increasing demand versus a low supply of new listings usually runs through the spring, typically making these months the most heated selling season of the year. Last year, this was upended by the tariff shock. Barring new, unexpected economic alarms, we expect this spring to very heated indeed.
NOTE: This report includes an image link to our comprehensive review of district and neighborhood values and market dynamics.
Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.
The Q4 2025 median house sales price surged to its highest quarterly price since Q2 2022. It was up 12% from Q4 2024.
San Francisco House Price Trends Median House Sales Prices since 2012, by Quarter Median sales price is that price where half the homes sold for more and half for less, and can be affected by other factors besides changes in fair market value. It is a very general statistic that disguises a wide range of prices in the underlying sales.
Q2 2022 Peak
$2,000,000
Q2 2021
Q4 2025
Q2 2024
$1,800,000
Q2 2020
Q2 2019
Q2 2023
Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the year in Q2, though that did not occur in 2025 due to the AI startup boom.
$1,600,000
$1,400,000
$1,200,000
$1,000,000
Appreciation is typically measured year over year to account for market seasonality.
$800,000
$600,000
$400,000
As reported to NORCAL MLS® ALLIANCE, per Infosparks. All numbers are approximate and subject to revision. Last quarter may change with late reported sales.
San Francisco Median House Sales Prices Median House Sales Price by Year, 1993 – Present*
2021
House Median Sales Price The median house sales price in 2025 rose about 4.6% from 2024. Price appreciation has been accelerating since the fall selling season began.
$1,800,000
$1,600,000
Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. San Francisco contains neighborhoods of widely varying values.
$1,400,000
$1,200,000
Interest rates jump ▲
$1,000,000
2007
$800,000
Recovery, high-tech & pandemic booms
Mid-90’s recovery & dotcom boom
$600,000
Loan standards collapse
Early 90’s recession after late 80’s boom
Market crash & recession
$400,000
$200,000
$0
*Per CA. Association of Realtors annual historical survey for existing single-family dwellings. 2025 price based on sales reported to NorCal MLS Alliance by early Jan. 2026. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales. Various sources of data may calculate median sales prices slightly differently.
San Francisco Year-over-Year Appreciation Rates since 1990 Y-o-Y Percentage Change in Annual Median HOUSE Sales Price*
2000
29%
30%
There was a brief decline after the dotcom bubble popped that does not show up in calendar-year annual data. ▼
25%
20%
High-tech boom
20%
Rebound from foreclosure prices ▼►
17%17%
16%
15%
Pandemic boom
15%15%
15%
12%
11%
11%
11%
10%
7% 8%
7%
2007
7%
6%
Foreclosure crisis
4%
4% 5%
Early 1990’s recession
5%
3% 3%
3%
0%
2%
1%
1%
0%
-5%
-1%
-2%-3% -4%-1%
Dotcom boom
Subprime bubble
-7%
-8%
-10%
-12%
Annual appreciation rates often varied widely between submarkets within the county. How this chart applies to any particular property is unknown without a specific comparative market analysis.
-13%
-15%
Interest rates jump ▲
-20%
*Sales reported to MLS: median existing house sales price appreciation rates, per CA Association of Realtors annual historical survey. 2025 an estimate based on sales reported to NorCal MLS Alliance by early Jan. 2026. Percentage changes rounded to nearest full percentage point. All numbers approximate, may contain errors, subject to revision, and may change with late-reported sales.
San Francisco House Prices Median HOUSE Sales Prices – Selected Neighborhoods*
House Market Dynamics 12 Months Sales*
Forest Hill Ext. Central Richmond Glen Park Inner Sunset Inner Parkside Golden Gate Heights Ingleside Terrace Corona Heights Mt. Davidson Mnr. Forest Hill Diamond Heights Lone Mountain Eureka Valley Inner Richmond Noe Valley West Portal Lower Pacific Heights Cole Vly-Ashbury Hghts. Russian Hill Marina St. Francis Wood Lake Street/Jordan Park Sea Cliff Cow Hollow Pacific Heights Presidio Heights
High Sale: $19,000,000 High Sale: $42,000,000 (off-MLS); $26,500,000 (MLS) High Sale: $16,800,000 High Sale: $30,000,000 (off-MLS); $18,100,000 (MLS)
$1,912,500 $1,925,000 $2,025,000 $2,030,000 $2,032,500 $2,040,000 $2,120,000 $2,126,000 $2,131,000 $2,246,000 $2,300,000 $2,320,000 $2,620,000 $2,700,000 $2,717,500 $2,800,000 $3,400,000 $3,500,000 $3,700,000 $3,805,000 $3,900,000 $4,425,000 $4,600,000 $6,500,000 $7,250,000 $8,450,000
High Sale: $6,250,000 High Sale: $9,500,000 High Sale: $6,000,000 High Sale: $7,500,000 High Sale: $7,250,000 High Sale: $8,300,000
This is a sampling of values across some of San Francisco’s 70+ neighborhoods, w/high sales prices of $5 million+*
High Sale: $9,600,000
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general measurement of value that disguises a wide range of prices in the underlying sales, and how it applies to any particular home is unknown without a specific comparative market analysis. Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
High Sale: $6,550,000
High Sale: $5,500,000
High Sale: $12,487,000
*12 months sales reported to NorCal MLS Alliance through mid-December 2025. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
The Q4 2025 median condo sales rebounded from Q3 and was up about 4.5% year over year. Q2 2022
San Francisco Condo Price Appreciation Median Condo Sales Prices, 2012 – Present, by Quarter Seasonal fluctuations are common. It is not unusual for median sales prices to peak for the calendar year in Q2. Different city districts have seen varying median price trends.
$1,300,000
Q2 2025
Q2 2023
$1,200,000
Q2 2015
$1,100,000
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
As reported to NORCAL MLS® ALLIANCE, per Infosparks. All numbers are approximate and subject to revision. Last quarter may change with late reported activity. Does not include new-project condo sales unreported to MLS.
San Francisco Median Condo Prices Median Condo Sales Price by Year, 1993 – Present*
The 2025 median condo sales price rose about 1.3% from 2024.
2021
Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. The city contains condo projects and neighborhoods of widely varying values and appreciation trends.
$1,200,000
$1,100,000
$1,000,000
$900,000
2007
$800,000
$700,000
Mid-90’s recovery & dotcom boom
$600,000
Recovery, high-tech & pandemic booms
$500,000
Early 90’s recession after late 80’s boom
$400,000
Loan standards collapse
Market crash & recession
$300,000
$200,000
$100,000
$-
*Sales reported to NorCal MLS Alliance by early January 2026. Many new-project condo sales are not reported to MLS. Median sales price is that price at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
San Francisco Year-over-Year Appreciation Rates since 1990 Y-o-Y Percentage Change in Annual Median CONDO Sales Price*
New condos have been built in their tens of thousands over the period illustrated, constantly changing the mix of units sold, so year-over-year comparisons are not necessarily apples to apples.
2000
40%
35%
30%
Percentages rounded to nearest full percentage point.
19%
Recovery & high-tech boom
18%
20%
17%16%
15% 14%15% 15%
8%
10%
2007
Pandemic
Foreclosure crisis
5%
5%
5% 5%
5%
3%
2%
2%
1% 1%
1%
0…
0%
0%
0%
-1%
-2%
-1%
-5%
Subprime bubble
Dotcom boom
-7%
-10%
-9%
Dotcom bubble pops ▲
Interest rates jump ▲
-13%
-20%
*Sales reported to NorCal MLS Alliance, per SFARMLS statistics or Infosparks. All numbers approximate, may contain errors and subject to revision. Does not include new-project condo sales unreported to MLS. Past performance is not a guarantee of future results. How this chart applies to any particular property is unknown without a specific comparative market analysis.
San Francisco Condo/Co-op Prices Median CONDO Sales Prices – Selected Neighborhoods*
Condo Market Dynamics 12 Months Sales*
South Beach Hayes Valley Nob Hill Alamo Square NoPa Duboce Triangle Cole Vly-Ashbury Heights Inner Sunset Russian Hill Inner/Central Richmond Noe Valley Eureka Valley Lake St./Jordan Park Pacific Heights Cow Hollow Lone Mountain Marina Presidio Heights
$1,050,000 $1,061,500 $1,100,000 $1,160,000 $1,200,000 $1,246,000 $1,292,500 $1,325,000 $1,340,000 $1,340,500 $1,342,500 $1,350,000 $1,435,000 $1,500,000 $1,531,500 $1,662,500 $1,721,500 $1,762,500 $1,792,000 $1,797,500 $2,500,000
High Sale: $4,995,000 High Sale: $4,300,500
High Sale: $4,425,000 High Sale: $24,000,000 (co-op), $9,990,000 (condo)
High Sale: $3,100,000 High Sale: $3,750,000 High Sale: $3,300,000
High Sale: $8,000,000 (co-op), $4,800,000 (condo)
Median sales price is that price at which half the sales occurred for more and half for less. Many factors affect condo prices: square footage, architectural style, views, quality of construction, the floor the unit is on, condition, HOA amenities and cost, deeded outdoor space, parking, and so on.
High Sale: $7,250,000
High Sale: $11,250,000
Potrero Hill Mission Bay Dogpatch
High Sale: $3,425,000
Hunter's Point Van Ness/Civic Center SoMa Inner Mission
$580,000 $725,000 $725,000 $915,000
This is a sampling of values across some of San Francisco’s 70+ neighborhoods. With high sales of $3 million+*
High Sale: $3,850,000
*12 months condo sales reported to NorCal MLS Alliance through mid-December 2025. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
San Francisco Median $/Sq.Ft. Values Median Home Values by Year since 2005* Median values are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. Values vary widely across submarkets within the county.
House $/Sq.Ft.
Condo $/Sq.Ft.
$1,100
$1,000
Median $/sq.ft. values increased in 2025 for houses and slightly for condos.
$900
$800
$700
$600
$500
$400
$300
$200
$100
$-
*Per NorCal MLS Alliance Infosparks calculations, for sales reported to MLS. Median value is that value at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
A city with a body of water
Description automatically generated
San Francisco Homes Market Active & Coming-Soon Listings on 1 st of Month*
As is the normal seasonal trend, the number of listings for sale on January 1 st fell to its annual low count – and by far its lowest count in many years. Inventory should start to rapidly increase as the new year’s market wakes up.
1,400
1,200
1,000
800
600
400
The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling.
200
Updated January 1, 2026
0
* Houses, condos, co-ops, TICs, townhouses: Active/Coming-Soon listings posted to NorCal MLS Alliance. Does not include new-project condos not listed on MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. The # of active listings changes constantly.
San Francisco: Annual New-Listing Volume Number of New Listings Coming on Market by Year, since 2018*
8646
7946
8,000
7688
The number of new listings in 2025 fell about 2.5% from 2024.
7,000
6186
5,996
5924
5,838
Pandemic market
6,000
5586
5,000
Interest rates soar
4,000
3,000
2,000
1,000
0
2018
2019
2020
2021
2022
2023
2024
2025
*Per Realtor.com Research, listings posted to site as entered into MLS. Data from sources deemed reliable but may contain errors and subject to revision. Will not include new-project condos not posted to MLS. All numbers approximate and may change due to late-reported activity.
Monthly Home Sales Volume* San Francisco Market Dynamics & Seasonality
Sales in one month mostly reflect accepted offers in the previous month.
June 2021
The number of sales in December 2025 fell from November but was 22% to 23% higher year over year. January sales volume typically hits the low count of the year, reflecting the holiday slowdown in December and early January.
800
Fall 2021
Spring 2022
700
Oct. 2025
600
Spring 2024
Pandemic boom
Oct. 2024
Spring 2025
500
Spring 2023
Oct. 2023
400
300
200
100
▲ Interest rates changes impact the market
Updated through December 2025
0
*Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Does not include new-project condo sales unreported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. Last month estimated based on available information and may change with late reported sales. All numbers approximate.
2025 sales volume increased about 10% from 2024 but remained low by historical standards. Sales are being constrained by low inventory.
San Francisco Annual Sales Volume Number of Home Sales by Year, since 2005*
8,000
7663
Annual Sales Sales volume is affected by both buyer demand and the number of listings available to purchase, which are deeply impacted by positive and negative economic conditions.
7108
7,000
6398
6326
6141
5852
5802
6,000
5710
5645
5552
5489
5474 5370
5361
5331
5036
4975
4866
Subprime bubble
5,000
Pandemic market
4645
4579
Market recovery, high-tech/IPO boom
4113
4,000
Interest rates soar
Foreclosure crisis & great recession
3,000
2,000
1,000
0
*All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all sales are reported to MLS. In San Francisco, many new-project condo sales are not reported.
San Francisco Annual Sales - $5,000,000+ Number of Luxury Home Sales by Year, since 2005*
199
Sales: $5 Million+
Sales: $10 Million+
200
Sales of higher-price homes are affected by buyer demand, the number of listings available to purchase, and appreciation trends – all of which are impacted by economic and demographic conditions. As appreciation occurs over time, homes that would have sold for under $5 million, then sell for over that price threshold (and vice versa if prices fall). 2025 home sales of $5 million+ rose approximately 23% from 2024. Luxury sales accelerated in the fall selling season due to the AI startup boom.
175
AI boom
150
142
120
125
114
Pandemic market
100
90
84
79 78 80
75
71
75
Interest rates soar
62 62
47
50
37
Great recession
33
Market recovery and high-tech boom
28
27
26
24
28
27
25
14
16
16 15 18
14
13 11
11
10
9
8
7
7
6
5
3 3
3
2
0
*All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks, plus known off-MLS sales. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all luxury home sales are reported to MLS.
San Francisco Residential Market 2025 Home Sales by Price Segment*
$5,000,000+
$4,000,000 - $4,999,999
3%
3%
.6% of sales were for $10 million+
5%
$3,000,000 - $3,999,999
29%
Under $1,000,000
15%
$2,000,000 – $2,999,999
82% of sales under $1,000,000 were condos, co-ops and TICs.
$1,500,000 - $1,999,999
$1,000,000 - $1,499,999
Sales by Property Type* • House 46% • Condo 46% • TIC 6.5% • Co-op 1.5% • Townhouse less than 1%
18%
54% of sales of $1m - $1,499,999 were condos, co-ops and TICs.
27%
*2025 sales reported to NorCal MLS Alliance by late December 2025. Not all sales are reported to MLS, especially many new-project condo sales. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Percentages rounded and may not add up to 100%.
Percentage of Listings Accepting Offers San Francisco: Absorption Rate by Month
Absorption rate measures buyer demand vs. the supply of listings for sale: The higher the percentage, the more heated and competitive the market. The SF market shifted dramatically in fall 2025, and the December 2025 reading was double the percentages in December 2024, 2023, and 2022.
Fall 2025
30%
Spring 2022
25%
Spring 2025
Spring 2023
Spring 2024
October
20%
October
October
15%
10%
5%
Updated through December 2025
0%
*SFARMLS reported data, per Broker Metrics. Not all new-condo project activity is reported to MLS. Last month’s data estimated using available data and may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision . All numbers approximate.
San Francisco – Speed of Sale Average Days on Market, Annual Readings by Year, since 2005*
90
85
83
Condo Sales
House Sales
79
80
This statistic is an indicator of the strength of buyer demand vs. the supply of homes for sale, measuring – for homes sold – the average time between a listing coming on market and offer acceptance. On average, houses have been selling much faster than condos.
70
69
63
62
60
65
59
58
60
63
58
57
50
48
50
Great recession
46
44 44
47
41
40
40
39
44
40
37
35
35
34
37
36
35
34
30
32
31
30
30
29
28
28
25
24 25
20
Market recovery & high-tech/IPO boom
10
Pandemic market
0
*Average cumulative days on market: Sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late-reported sales. Not all sales are reported to MLS.
San Francisco – Overbidding Asking Price Percentage of Sales Over List Price, Annual Readings, since 2005*
82%
81%
House Sales
Condo Sales
80%
79% 79%
79%
80%
77%
77%
76%
75%
75%
74%
72%
70%
69%
70%
66%
66%
63%
61%
60% 59%
59%
58% 59%
60%
57%
50%
48%
48%
50%
45%
44%
42%
42% 42%
41%
39%
Market recovery and high-tech/IPO boom
40%
36%
Subprime bubble
33% 33%
Pandemic market
28%
30%
23% 23%
19%
20%
Generally speaking, the stronger the demand as compared to the supply of homes for sale, the more buyers compete to win the sale by overbidding asking price. SF overbidding percentages for houses have been much higher than those for condos.
Foreclosure crisis & great recession
10%
0%
*Sales over final list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late- reported sales. Not all sales are reported to MLS.
San Francisco: Overbidding & Underbidding Sales Price to List Price Percentage, Annual Readings, since 2005*
100% = an average sales price at the original asking price; 104% = an average sales price 4% above asking; 98% = an average sales price 2% below asking.
House Sales
Condo Sales
115%
115%
115%
114%
115%
114%
113%
Houses typically see much higher overbidding percentages than condos.
112%
112%
111%
110%
109%
109%
110%
108%
107%
107%
106%
106%
105%
105%
105%
104%
105%
104%
103%
103%
102% 102%
102%
100%
100%
100%
100%
99%
100%
99%
98%
98%
98%
98%
97%
97%
Market recovery and high-tech/IPO boom
96% 95%
94%
95%
Pandemic market
Foreclosure crisis & great recession
90%
85%
*The ratio of sales price to the original list price: sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. Percentages rounded. All numbers approximate and may change due to late- reported sales. Not all sales are reported to MLS.
Annual Number of Price Reductions San Francisco Market Dynamics, by Year since 2017*
San Francisco is the only Bay Area county that had a decline in the number of price reductions in 2025.
2764
2688
Pandemic hits
2,500
Interest rates soar
2336
2006
2,000
1824
1804
1802
1796
AI startup boom
Historic lows in interest rates
1,500
High-tech boom
1366
IPO boom
1,000
500
The number of price reductions is affected by changes in economic conditions, the strength of buyer demand, seller expectations, and the number of active listings on the market.
0
2017
2018
2019
2020
2021
2022
2023
2024
2025
*Per Realtor.com Research, listings posted to site. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count*
How these values apply to any particular home is unknown without a specific comparative market analysis.
4 Bedroom, 3 Bath Houses
5+ Bedroom, 4+ Bath Houses, 3000+ sq.ft.
County In alphabetical order
Median Sales Price
Median Square Footage
Median Dollar per Square Foot
Median Sales Price
Median Sq.Ft./ Median Lot Size
Median Dollar per Square Foot
3869 sq.ft. .25 acre 3983 sq.ft. .37 acre 4145 sq.ft. .45 acre 5001 sq.ft. 1.6 acres 4456 sq.ft. .54 acre 4270 sq.ft. .07 acre 4545 sq.ft. .51 acre 3991 sq.ft. .31 acre 4122 sq.ft. 1.13 acres 3680 sq.ft. .21 acre 3964 sq.ft. .79 acre
Alameda County
$1,626,500
2195 sq.ft.
$739/sq.ft.
$2,750,000
$694/sq.ft.
Contra Costa
$1,075,000
2338 sq.ft.
$478/sq.ft.
$2,650,000
$642/sq.ft.
Marin County
$1,905,000
2502 sq.ft.
$793/sq.ft.
$3,772,500
$939/sq.ft.
Monterey County
$1,092,500
2298 sq.ft.
$471/sq.ft.
$3,850,000
$719/sq.ft.
Napa County
$1,110,000
2307 sq.ft.
$511/sq.ft.
$4,000,000
$941/sq.ft.
San Francisco
$2,200,000
2276 sq.ft.
$974/sq.ft.
$5,500,000
$1232/sq.ft.
San Mateo County
$2,622,500
2310 sq.ft.
$1103/sq.ft.
$6,050,000
$1375/sq.ft.
Santa Clara County
$2,210,000
2204 sq.ft.
$1023/sq.ft.
$4,620,000
$1158/sq.ft.
Santa Cruz County
$1,550,000
2182 sq.ft.
$677/sq.ft.
$2,275,000
$616/sq.ft.
Solano County
$700,500
2216 sq.ft.
$317/sq.ft.
$966,000
$279/sq.ft.
Sonoma County
$920,000
2268 sq.ft.
$423/sq.ft.
$2,055,000
$513/sq.ft.
*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Counties with low sales volumes, such as Napa, can see large fluctuations in values. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.
Median value is that value at which half the sales occurred for more and half for less. It is a very general statistic.
Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count*
2 Bedroom, 1-2 Bath Houses
3 Bedroom, 2 Bath Houses
County In alphabetical order
Median Sales Price
Median Square Footage
Median Dollar per Square Foot
Median Sales Price
Median Square Footage
Median Dollar per Square Foot
Alameda County
$785,000
1067 sq.ft.
$735/sq.ft.
$1,125,000
1428 sq.ft.
$784/sq.ft.
Contra Costa
$575,000
1019 sq.ft.
$561/sq.ft.
$725,000
1444 sq.ft.
$528/sq.ft.
Marin County
$1,225,000
1226 sq.ft.
$976/sq.ft.
$1,370,000
1600 sq.ft.
$859/sq.ft.
Monterey County
$780,000
1016 sq.ft.
$763/sq.ft.
$825,000
1467 sq.ft.
$573/sq.ft.
Napa County
$787,000
1060 sq.ft.
$775/sq.ft.
$820,000
1447 sq.ft.
$597/sq.ft.
San Francisco
$1,318,000
1188 sq.ft.
$1083/sq.ft.
$1,587,000
1575 sq.ft.
$1005/sq.ft.
San Mateo County
$1,380,000
1080 sq.ft.
$1292/sq.ft.
$1,700,000
1510 sq.ft.
$1153/sq.ft.
Santa Clara County
$1,250,000
1058 sq.ft.
$1197/sq.ft.
$1,725,000
1383 sq.ft.
$1249/sq.ft.
Santa Cruz County
$855,000
1039 sq.ft.
$792/sq.ft.
$1,255,000
1600 sq.ft.
$758/sq.ft.
Solano County
$445,000
1216 sq.ft.
$350/sq.ft.
$549,000
1429 sq.ft.
$388/sq.ft.
Sonoma County
$695,000
1203 sq.ft.
$577/sq.ft.
$799,000
1518 sq.ft.
$532/sq.ft.
*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. Numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.
Bay Area Median Condo & Townhouse Values 2025 Sales By Property Type & Bedroom/Bath Count*
How these values apply to any particular home is unknown without a specific comparative market analysis.
2 Bedroom, 2 Bath Condos
3 Bedroom, 2-3 Bath Townhouses
County In alphabetical order
Median Sales Price
Median Square Footage
Median Dollar per Square Foot
Median Sales Price
Median Square Footage
Median Dollar per Square Foot
Alameda County
$600,000
1078 sq.ft.
$558/sq.ft.
$887,000
1519 sq.ft.
$608/sq.ft.
Contra Costa
$549,500
1134 sq.ft.
$497/sq.ft.
$789,000
1555 sq.ft.
$524/sq.ft.
Marin County
$705,000
1118 sq.ft.
$661/sq.ft.
$891,000
1598 sq.ft.
$561/sq.ft.
Monterey County
$840,000
1229 sq.ft.
$642/sq.ft.
$1,010,000
1733 sq.ft.
$580/sq.ft.
Napa County
$967,500
1052 sq.ft.
$929/sq.ft.
Too few sales
San Francisco
$1,258,000
1191 sq.ft.
$1051/sq.ft.
Too few sales
San Mateo County
$865,500
1185 sq.ft.
$742/sq.ft.
$1,485,000
1625 sq.ft.
$887/sq.ft.
Santa Clara County
$780,000
1140 sq.ft.
$694/sq.ft.
$1,334,000
1571 sq.ft.
$841/sq.ft.
Santa Cruz County
$772,500
1141 sq.ft.
$652/sq.ft.
$976,000
1531 sq.ft.
$635/sq.ft.
Solano County
$360,000
1036 sq.ft.
$340/sq.ft.
$500,000
1480 sq.ft.
$319/sq.ft.
Sonoma County
$417,000
1065 sq.ft.
$398/sq.ft.
$535,000
1324 sq.ft.
$386/sq.ft.
*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. Numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.
Annual Median House Sales Prices by Bay Area County + Sacramento, 2012 – 2025*
Median sales price can be affected by factors besides changes in fair market value.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2,000,000
Due to specific market conditions and economic factors – such as the pandemic boom, interest rate changes, stock markets, the AI boom – appreciation rates between counties vary year-to-year, but over the longer term , county home prices throughout the region tend to move roughly in parallel.
1,750,000
1,500,000
Home values vary widely across submarkets within the county markets.
1,250,000
1,000,000
750,000
500,000
250,000
0
Sacto Solano Sonoma Contra Costa
Monterey Napa Alameda Santa Cruz
Marin San
Santa Clara
San Mateo
Francisco
*Sales reported to MLS, per the CA Association of Realtors, or NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Different data sources sometimes calculate median house sales prices using varying methodologies.
Mortgage Interest Rates in 2025 – 2026 YTD 30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*
7.0
Per Freddie Mac (FHLMC), on January 8, 2026, the weekly average, 30-year, conforming-loan interest rate was 6.16%, very close to its 2-year low.
6.8
6.6
6.4
6.2
Jan. 2025
Rates vary widely according to the property, price, borrower and lender.
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.
Financial Markets, 2025 – 2026 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/25
10/29/25 ▼
25%
Nasdaq Index: % Change since 01/25
20%
S&P 500 Index: % Change since 01/25
15%
10%
Updated through 1/7/26
5%
0%
-5%
-10%
Tariff shock ►
-15%
Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.
-20%
-25%
Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets can be prone to significant volatility even on a short-term basis.
Economic Policy Uncertainty Index* By Month since January 2000
April 2025
450
The Economic Policy Uncertainty Index reading in November 2025 ticked up slightly. It has plummeted since April’s tariff shock, though remains elevated by long-term norms.
Tariff shock ►
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.*
350
300
250
Dec. 2025
Dotcom crash & 9/11
200
150
Subprime crash & great recession
100
2025
Updated through December 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.
A satellite image of a bay
AI-generated content may be incorrect.
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales. Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage. Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate. Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Photo use under the Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/
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.
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