San Francisco Real estate August 2025 Report by COMPASS . This interactive flipbook is created with FlippingBook, a service for streaming PDFs online. No download, no waiting. Open and start reading right away!
San Francisco Real Estate August 2025 Report with market data through July
“San Francisco has had its share of tech companies since the dot-com boom, but the money pouring into artificial intelligence has lately supercharged the city’s tech profile … Last year, [SF companies] raised nearly $35 billion [in venture capital funding] … The change is visible. Rents are climbing again. City buses are filling back up. And the face of San Francisco is starting to look younger … The city is the tech industry’s hub for artificial intelligence. ” “What if San Francisco is the new Silicon Valley?” The New York Times , 8/4/25 Over the past couple years, the AI boom has most dramatically affected the housing markets in Silicon Valley, with their established players like Nvidia. San Francisco, though home to major AI firms like OpenAI and Anthropic, has been affected, but much more modestly – but that is now rapidly changing. The AI industry is exploding in the city, with dozens of new startups making San Francisco their home, and the city has become a powerful magnet for those eager to participate in perhaps the biggest technological/economic revolution of our times. Just as in the dotcom and recent high-tech booms, they are doing so due to the network effect, i.e. the tremendously dynamic synergies of being within a half mile - or even a hundred yards - of each other. That is a huge plus for the best and the brightest flocking to AI, for companies growing fast, and for the intense cross-fertilization of ideas characterizing the industry. This has shifted the SF housing market into one of the strongest in the Bay Area, diverging from the cooling trends seen in most other counties and the country at large. Unlike most other markets, the supply of listings is dropping, price reductions are declining, and home prices are starting to climb year-over-year. And these are very early days for the AI boom in the city: If trends continue on course, hiring accelerates, startups grow, and privately held companies eventually move toward IPOs, the explosion of new wealth will likely be astounding.
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.
Mortgage Interest Rates since Early 2023 30-Year Fixed-Rate Loans, Daily Average Readings*
Mortgage News Daily Rate Index* https://www.mortgagenewsdaily.com/ mortgage-rates/mnd Rates vary according to the property, price, borrower and lender.
8.0%
Oct. 2023
7.8%
In early August, rates hit their lowest point of 2025.
7.6%
Tariff shock hits financial markets
7.4%
April 2024
Fed begins rate cuts
7.2%
7.0%
2025 begins
6.8%
6.6%
2024 begins
8/7/25
6.4%
6.2%
Different sources of mortgage data vary in their methodologies to calculate average daily and weekly rates.
Sept. 2024
Feb. 2023
Updated 8/7/25
6.0%
*Per https://www.mortgagenewsdaily.com/: “Rate offerings vary — sometimes substantially — from lender to lender... The index is expressed as an average. ” Daily rates can change quickly. Data from sources deemed reliable, but not guaranteed. All numbers approximate.
Financial Markets, 2024 – 2025 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/24
8/7/25 ▼
Stock markets have shrugged off concerns regarding tariff policies and inflation to hit new highs in recent weeks.
45%
40%
2/20/25 ▼
Nasdaq Index: % Change since 01/24
35%
S&P 500 Index: % Change since 01/24
30%
25%
▲ 2025 begins
20%
▲ Election
15%
10%
Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.
5%
Updated 8/7/25 AM
0%
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 have been prone to significant volatility.
San Francisco HOUSE Price Trends since 1990 Monthly Median House Sales Prices, 3-Month Rolling
The 3-month-rolling median house sales price in July 2025 was up a little more than 5% year-over-year.
2022
$2,000,000
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, disguising an enormous range of sales prices in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart. More often than not, median sales prices peak for the year in spring.
2025
$1,800,000
2024
2018
2023
$1,600,000
$1,400,000
Pandemic hits ▲
Interest rates soar ▲
$1,200,000
2007
$1,000,000
High-tech/IPO boom
$800,000
$600,000
Great recession
$400,000
Appreciation is typically measured year over year to account for market seasonality.
$200,000
Updated through July 2025
$-
3-month rolling average of monthly median sales prices for “existing” houses, per CA Association of Realtors or 3-month rolling median per NorCal MLS Alliance. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
July 2025 Median House Sales Prices & Appreciation Rates 3-Month-Rolling Sales, Greater Bay Area + Sacramento, by County*
▼ Year-over-Year Price Change
Median House Sales Price
Santa Clara
$2,033,500
+ 4.3%
- 4.8%
San Mateo
$2,000,000
+ 0.6%
Marin
$1,760,000
San Francisco
$1,710,000
◄ The highest y-o-y appreciation rate in the Bay Area
+ 5.2%
Santa Cruz
- 1.8%
$1,350,000
- 2.0%
Alameda
$1,300,000
Monterey
$982,500
- 1.8%
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic that can be affected by other factors besides changes in fair market value. Though there are significant variances between counties, a median house in the Bay Area is typically a 3 bedroom, 2 bath home of approximately 1600 to 1900 square feet.
- 12.1%
Napa
$925,000
Contra Costa
$890,000
- 3.3%
Sonoma
+ 0.6%
$855,000
Solano
- 2.5%
$585,000
- 1.6%
Sacramento
$551,000
$-
$250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000
*3-month-rolling sales reported to NorCal MLS Alliance by August 5, 2025, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate and late-reported sales may change prices and appreciation rates.
The 3-month-rolling median condo sales price in July 2025 increased by about 1.5% year-over-year (from a big, short-term spike up in 2024). 2025 is seeing the biggest surge in condo values since 2022.
San Francisco CONDO Price Trends since 2005 Median Condo Sales Price, 3-Month Rolling
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, and longer-term trends are more meaningful than short-term changes. Generally speaking, over the last 5-6 years, Bay Area median condo sales prices have not seen the appreciation rates common in house markets.
2022
2019
$1,300,000
2025
2023 - 2024
2017
$1,200,000
$1,100,000
Pandemic hits ▲
$1,000,000
Interest rates soar ▲
$900,000
2007-2008
$800,000
Foreclosure crisis & great recession
$700,000
$600,000
$500,000
Updated through July 2025
$400,000
3-month rolling median condo sales prices reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
San Francisco Value Trends since 2005 3-Month-Rolling, Median Dollar per Square Foot Values*
2022
$1,200
Median $/sq.ft. value is a general statistic, disguising an enormous range of values in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart.
$1,100
2024
2023
$1,000
$900
Condos
$800
Houses
2005-2006-2007-2008
$700
$600
$500
$400
Great recession & foreclosure crisis
$300
Updated through July 2025
$200
*3-month rolling median house sales values reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
San Francisco CONDO Prices: Downtown vs. Non-Downtown 12-Month-Rolling, Median 2-Bedroom Condo Sales Prices since 2005*
Comparing median 2-bedroom condo sales prices in the greater Downtown/South of Market/Civic Center area (the center of large-project, new- condo construction, office buildings and high-tech employment) – the blue line – with the rest of San Francisco ( mostly smaller, older buildings, in less urban environments) – the green line.
2018
2022
$1,400,000
2016
$1,300,000
Pandemic hits ▲
$1,200,000
2023 - 24 - 2025
Median sales prices also vary widely within these two broad regions.
$1,100,000
Condo Market in Non-Downtown Area
$1,000,000
Greater Downtown/SoMa Condo Market
2007-2008
$900,000
$800,000
NOTE: 12-month-rolling sales data smooths the median sales price trend lines and removes seasonality from the analysis, but it can lag short-term changes in 2025 .
$700,000
Great recession, foreclosure crisis
Updated through July 2025
$600,000
*12-month rolling median condo sales values reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. Does not include new-project sales unreported to MLS. All numbers approximate, and may change with late-reported sales.
How these values apply to any particular home is unknown without a specific comparative market analysis.
Bay Area Median House Values by County 12 Months Sales By Bedroom/Bath Count*
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
3910 sq.ft. .25 acre 3939 sq.ft. .35 acre 4049 sq.ft. .42 acre 4285 sq.ft. 1.25 acres 4171 sq.ft. .45 acre 4270 sq.ft. .07 acre 4624 sq.ft. .53 acre 4007 sq.ft. .30 acre 3823 sq.ft. .87 acre 3680 sq.ft. .20 acre 3809 sq.ft. .69 acre
Alameda County
$1,650,000
2196 sq.ft.
$740/sq.ft.
$2,772,500
$693/sq.ft.
Contra Costa
$1,050,000
2339 sq.ft.
$469/sq.ft.
$2,535,500
$619/sq.ft.
Marin County
$1,912,500
2516 sq.ft.
$773/sq.ft.
$3,772,500
$947/sq.ft.
Monterey County
$1,130,000
2336 sq.ft.
$464/sq.ft.
$3,800,000
$815/sq.ft.
Napa County
$1,155,000
2329 sq.ft.
$510/sq.ft.
$2,650,000
$596/sq.ft.
San Francisco
$2,160,000
2236 sq.ft.
$935/sq.ft.
$4,900,000
$1202/sq.ft.
San Mateo County
$2,600,000
2300 sq.ft.
$1107/sq.ft.
$5,625,000
$1281/sq.ft.
Santa Clara County
$2,260,000
2192 sq.ft.
$1035/sq.ft.
$4,545,000
$1086/sq.ft.
Santa Cruz County
$1,635,000
2275 sq.ft.
$709/sq.ft.
$2,287,500
$601/sq.ft.
Solano County
$700,000
2198 sq.ft.
$319/sq.ft.
$906,000
$262/sq.ft.
Sonoma County
$920,000
2248 sq.ft.
$423/sq.ft.
$2,050,000
$490/sq.ft.
*Sales reported to NorCal MLS Alliance in the 12 months through late July 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.
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 12 Months 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
$790,000
1066 sq.ft.
$735/sq.ft.
$1,160,000
1435 sq.ft.
$796/sq.ft.
Contra Costa
$600,000
1012 sq.ft.
$571/sq.ft.
$730,000
1440 sq.ft.
$537/sq.ft.
Marin County
$1,300,000
1204 sq.ft.
$1023/sq.ft.
$1,390,000
1600 sq.ft.
$864/sq.ft.
Monterey County
$790,000
1030 sq.ft.
$764/sq.ft.
$835,000
1485 sq.ft.
$570/sq.ft.
Napa County
$800,000
1050 sq.ft.
$793/sq.ft.
$830,000
1455 sq.ft.
$600/sq.ft.
San Francisco
$1,300,500
1177 sq.ft.
$1086/sq.ft.
$1,562,500
1598 sq.ft.
$978/sq.ft.
San Mateo County
$1,375,000
1090 sq.ft.
$1273/sq.ft.
$1,718,000
1496 sq.ft.
$1167/sq.ft.
Santa Clara County
$1,295,000
1059 sq.ft.
$1200/sq.ft.
$1,715,000
1380 sq.ft.
$1237/sq.ft.
Santa Cruz County
$850,000
1076 sq.ft.
$780/sq.ft.
$1,255,000
1592 sq.ft.
$762/sq.ft.
Solano County
$449,000
1252 sq.ft.
$357/sq.ft.
$550,000
1420 sq.ft.
$391/sq.ft.
Sonoma County
$695,000
1193 sq.ft.
$588/sq.ft.
$810,000
1532 sq.ft.
$540/sq.ft.
*Sales reported to NorCal MLS Alliance in the 12 months through late July 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 12 Months 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
$630,000
1067 sq.ft.
$578/sq.ft.
$930,000
1516 sq.ft.
$624/sq.ft.
Contra Costa
$565,000
1126 sq.ft.
$508/sq.ft.
$775,500
1539 sq.ft.
$517/sq.ft.
Marin County
$675,000
1119 sq.ft.
$609/sq.ft.
$875,000
1598 sq.ft.
$539/sq.ft.
Monterey County
$812,500
1216 sq.ft.
$631/sq.ft.
Too few sales
Napa County
$910,000
1157 sq.ft.
$832/sq.ft.
Too few sales
San Francisco
$1,250,000
1183 sq.ft.
$1035/sq.ft.
Too few sales
San Mateo County
$878,000
1184 sq.ft.
$748/sq.ft.
$1,483,000
1626 sq.ft.
$900/sq.ft.
Santa Clara County
$800,000
1134 sq.ft.
$708/sq.ft.
$1,325,000
1570 sq.ft.
$836/sq.ft.
Santa Cruz County
$832,000
1134 sq.ft.
$684/sq.ft.
$975,000
1523 sq.ft.
$630/sq.ft.
Solano County
$392,500
1044 sq.ft.
$350/sq.ft.
$552,500
1499 sq.ft.
$317/sq.ft.
Sonoma County
$419,000
1044 sq.ft.
$401/sq.ft.
$540,000
1333 sq.ft.
$389/sq.ft.
*Sales reported to NorCal MLS Alliance in the 12 months through late July 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.
New Listings Coming on Market San Francisco Market Dynamics & Seasonality*
The number of new listings typically climbs through spring, declines in mid-summer, soars in September, and plunges in December.
Sept. 2021
The number of new listings in July 2025 declined substantially from June and year over year.
Spring 2022
1,000
Sept. 2023
Spring 2021
Sept. 2022
Sept. 2024
800
April 2025
April 2024
May 2023
600
Mid- summer
Mid- summer
400
Mid- summer
200
Mid- summer
Updated through July 2025
0
*Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. Not all listings are posted. May not include “coming - soon” listings. All numbers should be considered approximate.
San Francisco Homes Market Active & Coming-Soon Listings on 1 st of Month*
The number of listings for sale on 8/1/25 continued to fall, and also declined year over year. 27% of listings were houses, 63% condos, 7% TICs, and 3% co-ops. The supply of listings has increased y-o-y in every other Bay Area County.
Houses, condos, co-ops, TICs, townhouses
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 August 1, 2025
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.
The number of listings going into contract in July 2025 continued to decline from the May peak – a typical seasonal trend – but was essentially unchanged year over year. Demand, as measured by the number of listings going into contract, typically climbs through spring, declines in summer, rebounds in early fall, and plunges in December. Sales can be constrained by the number of homes available to buy.
Listings Accepting Offers (Going into Contract) San Francisco Market Dynamics & Seasonality
March 2022
Oct. 2021
700
Interest rates soar
600
May 2025
Oct. 2024
Spring 2024
500
Spring 2023
Oct. 2022
Oct. 2023
400
Summer
300
Summer
December
Summer
200
December
December
December
Updated through July 2025
100
Residential activity reported to MLS, per Broker Metrics. Will not include new-project condo activity not reported to MLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported activity.
Market indicators can change dramatically from period to period, due to both economic conditions and seasonal trends.
San Francisco Residential Market Comparative Market Dynamics by Price Segment/Property Type
Price/ Prop. Type Under $1,000,000 $1,000,000 - $1,999,999 $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $7,499,999 $7,500,000 - $9,999,999
# Listings for Sale*
# Listings in Contract*
Monthly Rate of Sales**
Supply of Inventory***
Avg. Days on Market**
Sales Over List Price**
Avg. Sales Price to LP %**
453
149
106 sales/mo.
4.3 months
69 days
31%
98%
334
127
192 sales/mo.
1.7 months
33 days
65%
108.5%
89
25
56 sales/mo.
1.6 months
30 days
67%
107.5%
68
9
30 sales/mo.
2.3 months
36 days
57%
104.5%
25
4
6 sales/mo.
4.2 months
43 days
32%
98%
17
4
2.25 sales/mo.
7.6 months
46 days
22%
97%
$10 Million+
16
1
1.6 sales/mo.
10 months
16%
91%
too few sales
Houses
277
131
188 sales/mo.
1.5 months
27 days
75%
111%
Condos
612
151
174 sales/mo.
3.5 months
58 days
36%
99%
TICs
74
21
22 sales/mo.
3.4 months
55 days
42%
100%
Co-ops
29
6
5.5 sales/mo.
5.3 months
90 days
18%
96%
*Active/Coming-Soon Listings & Listings in Contract posted to MLS as of 7/31/25. **Sales statistics per last 12 months of sales, i.e. the annualized rate of activity. ***Months Supply of Inventory measures approx. time required to sell listings for sale at estimated annualized rate of sale: Lower readings signify higher demand compared to supply. Market activity typically ebbs and flows to seasonal trends.
Data reported to NorCal MLS Alliance and Infosparks, may contain errors and subject to revision. Not all activity is reported to MLS (including many new-project condo sales). 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 volumes).
Monthly Home Sales Volume* San Francisco Market Dynamics & Seasonality
Sales in one month mostly reflect accepted offers in the previous month.
The number of sales in July 2025 ticked down from June, but was essentially the same as in July 2024. Year-to-date sales were up 5%. Most Bay Area Counties saw declines in sales volumes. House sales made up approximately 46% of July 2025 sales, and condos, co-ops, TICs and townhouses made up about 54%.
June 2021
800
Fall 2021
Spring 2022
700
600
Spring 2024
Oct. 2024
Spring 2025
500
Spring 2023
Oct. 2023
400
300
200
100
Updated through July 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.
San Francisco Luxury Home Sales Houses $5,000,000+ / Condos & Co-ops $3,000,000+
Luxury home sales in July were well down from spring counts, but substantially higher year over year. Year-to-date 2025 sales were up 19% from the same period of 2024. Sales in one month mostly reflect accepted offers in the previous month. The market for luxury homes fluctuates by season, with spring and fall typically the most active markets of the year.
Fall 2021
40
Spring 2021
Spring 2022
30
May 2025
| Peak of pandemic boom |
Oct. 2024
Spring 2024
Oct. 2022
April 2023
20
Oct. 2023
10
Updated through July 2025
0
Sales reported to NorCal MLS Alliance, per Infosparks. “Condo/Co - op” sales include TICs and townhouses. Not all luxury home sales are reported. Data from sources deemed reliable, but subject to error and revision. All numbers approximate and may change with late-reported sales.
San Francisco Luxury HOUSE Market House Sales of $5,000,000+, by District, 12 Months Sales*
$5m - $6,999,999
$7m - $9,999,999
$10 million+
Pacific & Presidio Heights/ Cow Hollow/ Marina (D7)
16
26
12
Noe, Eureka & Cole Valleys/ Ashbury Hghts, BV Park (D5)
20
2
1
Sea Cliff/ Lake St./ Jordan Pk/ Richmond District (D1)
7
1
2
There were 7 sales reported to MLS in the 12-month period of $15 million+: 3 in Pacific Heights, 1 in Presidio Heights, 1 in Cow Hollow, 1 in Russian Hill & 1 in Sea Cliff.*
Russian, Nob & Telegraph Hills (D8)
2
3
1
St. Francis Wood/ Forest Hill Monterey Heights (D4)
3
1
Potrero Hill
1
Lower Pacific Heights
1
Outer Parkside
1
Unit Sales in Price Segment
*12 months house sales reported to NorCal MLS Alliance by late July 2025. Not all luxury home sales are reported. Neighborhood groupings correspond to SF Realtor districts, which often include adjacent neighborhoods not listed. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. New sales are reported constantly.
San Francisco Luxury CONDO, CO-OP & TIC Market Sales Prices of $3 Million+, by District, 12 Months Sales*
$3m - $3,999,999
$4m - $4,999,999
$5 Million+
Pacific & Presidio Heights/ Cow Hollow/ Marina (D7)
27
14
8
South Beach/ Mission Bay/ Y. Buena/ Treasure Island (D9)
18
4
7
Russian, Nob & Telegraph Hills/ Financial District (D8)
14
5
6
Some new-project luxury condo sales are not reported to MLS. These projects are mostly concentrated in the South Beach, SoMa, Yerba Buena & Treasure Island neighborhoods (D9).
Noe, Eureka & Cole Valleys/ Ashbury & Corona Heights (D5)
5
90 of these sales were condos, 14 were co-ops, and 6 were TICs.*
Lake Street/ Jordan Park/ Inner Richmond (D1)
There were 3 sales of $10 million+ reported to MLS during the period: 2 in Pacific Heights (both co-ops) & 1 in South Beach (condo).
2
Unit Sales by Price Segment
*12 months sales reported to NorCal MLS Alliance by late July 2025. Not all luxury home sales are reported. Neighborhood groupings correspond to SF Realtor districts, which often include adjacent neighborhoods not listed. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
Price Reductions on Active Listings San Francisco Market Dynamics & Seasonality
The number of price reductions typically ebbs and flows by season, but can also be affected by specific events in the economy and the market. The number of price reductions in July 2025 plummeted from June and year over year. All other Bay Area Counties saw considerable year-over-year increases .
Oct. 2020
500
Oct. 2022
450
400
Oct. 2023
350
Oct. 2024
300
Oct. 2021
250
200
150
100
50
Updated through July 2025
0
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted to site. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.
Percentage of Listings Reducing Price within Month * San Francisco Market Dynamics & Seasonality
Oct. 2022
This chart illustrates the percentage of homes listed for sale which reduced their asking prices within the month specified.*
20%
Oct. 2023
Aug. 2020
16%
Oct. 2024
12%
Oct. 2021
8%
| Interest rates soar
4%
|
Pandemic Boom
|
Updated through July 2025
0%
Per Realtor.com Research, https://www.realtor.com/research/data/ - residential listings posted to site. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
Overbidding List Prices in San Francisco Percentage of Home Sales Closing over List Price
This statistic fluctuates according to seasonal demand trends, and is a lagging indicator of market activity 3-6 weeks earlier. Overbidding is generally caused by buyer competition for new listings. The overall overbidding percentage in the latest month was 48% of sales, but for houses alone, it was 70%, and for condos, 30%.
April 2022
Fall 2021
75%
More overbidding ▲
May 2024
Oct. 2024
May 2025
65%
2020 pandemic market
June 2023
55%
Mid- Winter
45%
35%
Mid- Winter
Mid- Winter
Mid- Winter
Mid- Winter
Updated through July 2025
25%
Sales data reported to NORCAL MLS® ALLIANCE, per Infosparks. Reflecting the percentage of sales closing at sales prices over the final list prices. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate, and may change with late-reported sales.
Average Sales Price to Original List Price Percentage San Francisco Over/Under Bidding: Market Dynamics & Seasonality
This statistic can be distorted by strategic underpricing strategies by listing agents.
Spring 2022
This chart illustrates the average Sales Price to Original List Price Percentage for all residential sales. But overbidding has been much more common and dramatic for house sales than for condo sales: For houses alone, the average was 11% above list price, and for condos, almost 3% below list price.
110%
Spring 2025
Spring 2024
Spring-Autumn 2021
105%
Pandemic Year 1
100%
▲
Spring-Autumn 2023
100% = an average sales price at original list price.
Updated through July 2025
95%
Sales reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
Average Days on Market – Speed of Sale San Francisco Market Dynamics & Seasonality
This chart illustrates average days on market for all residential sales (45 days in July 2025). But for houses alone, the average was 27 days, and for condos, 62 days.
Measuring how long it takes for sold listings to accept offers. Homes usually sell fastest in spring and early autumn – with the rush of new listings – and slowest in mid-winter (when the inventory of listings is at its oldest). Houses, on average, sell much faster than condos, co-ops and TICs.
80
Jan. 2024
Jan. 2025
Jan. 2023
70
Jan. 2021
Jan. 2022
60
50
40
Spring 2023
Spring 2024
Spring 2025
30
Spring 2021
Spring 2022
Updated through July 2025
20
Sales reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
Q1 2025 dollar-volume sales increased 11% over Q1 2024. Then amid high economic volatility, Q2 2025 sales declined 2.5% from Q2 2024. Overall, year over year, sales rose about 2.4% in 1 st half 2025.
1 st Half, Dollar-Volume Home Sales since 2015 11 Greater Bay Area Counties, Sales Reported to MLS*
$59,678,700,000
House, condo, co-op, townhouse, TIC & halfplex sales reported to NorCal Regional MLS, January 1 through June 30 of each year.
$55,394,700,000
Pandemic boom and very low interest rates supercharge sales
$40,563,200,000
$40,890,100,000
$39,631,300,000
$37,814,500,000
$35,775,100,000
$34,421,800,000
$33,459,900,000
$32,920,600,000
$29,708,900,000
| Stock markets soar in early 2024
| Interest rates jump, slowing sales in late spring 2022
| Pandemic hits in early spring 2020, initially slowing sales dramatically
1st Half 2015
1st Half 2016
1st Half 2017
1st Half 2018
1st Half 2019
1st Half 2020
1st Half 2021
1st Half 2022
1st Half 2023
1st Half 2024
1st Half 2025
*11 Bay Area counties, Napa to Monterey, as reported to NorCal Regional MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate and rounded. An estimated 10% - 12% of sales are not reported to MLS and not reflected in this analysis. Counties sometimes saw differing trends.
San Francisco Population by Age Segment U.S. Census Estimates, 2020 – 2024, as of July 1 st of Each Year
Demographic changes such as these have ramifications for housing market dynamics.
2020 2021 2022 2023 2024
350,000
The big drop in SF population occurred 2020-2021 after the pandemic struck, with the largest numeric decline in the 25 to 44 age group – probably most concentrated in the 25 to 34 segment due to high rents, work-from-home, tech layoffs and stringent Covid protocols. The 4-year percentage decline was largest in the under-5-years-of-age segment, and the only group to increase in population was of residents 65+ years of age, though some other segments saw rebounds after the initial declines. In the past 12 months (not illustrated in this chart), it appears the AI boom is bringing younger high-tech workers back into the city once again.
4-Year Change -11%
Over the 4 years, the SF population is down about 5.5%, though it has been rebounding in recent years.
300,000
250,000
4-Year Change -5%
200,000
4-Year Change +9%
150,000
4-Year Change -2%
100,000
4-Year Change -5%
4-Year Change -14%
50,000
-
Under 5 Years
5 to 17 Years
18 to 24 Years
25 to 44 Years
45 to 64 Years
65+ Years
1 st
Per year: https://www.census.gov/data/datasets/time-series/demo/popest/2020s-counties-detail.html. Percentages rounded, and numbers approximate. Data from sources deemed reliable but may contain errors and subject to revision. U.S. Census estimates published 6/23/25: population as of July of each
Median Year of HOUSE Construction by Bay Area County or Region (+ Sacramento County)*
Different parts of the Greater Bay Area were built out at very different times: Prior to 1950, and the postwar building boom, many local counties were relatively empty places. Though every Bay Area County includes both older houses – typically going back to the late 1800 ’s – and brand new houses, these median dates provide an idea of the relative age of county housing. Outside of San Francisco, home construction often followed bridge, highway, tunnel and BART construction. And different parts of counties were often built out at very different periods, usually radiating out gradually from city and town cores. Condos were typically constructed from the late 1970 ’s forward, though San Francisco has thousands originally built as apartments in 1900 to 1930. • 1928: San Francisco: 1914 for north, NE & central districts; 1940 for south and SW districts • 1936: Greater Oakland-Berkeley region (north Alameda County) • 1955: San Mateo County • 1960: Marin County • 1966: Santa Clara County: The county with the largest population and number of housing units • 1969: South Alameda County • 1971: Santa Cruz & Monterey Counties • 1973: Napa County: The county with the smallest population and number of housing units • 1976: Contra Costa (In Lamorinda – Lafayette, Moraga, Orinda – the median year is 1961) • 1979: Sonoma County • 1982: Sacramento County • 1986: Solano County
Median year of construction is that year at which half the houses were built earlier and half later.
*Based on analyses of houses sold in recent years, as reported to NorCal MLS Alliance. Data is from sources deemed reliable, but should be considered approximate.
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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