San Francisco Real Estate December 2025 Report

Listings Accepting Offers (Going into Contract) San Francisco Market Dynamics & Seasonality

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 activity in SF is being constrained by the number of homes available to buy. After soaring in September and October, the number of listings going into contract dropped back in November but rose about 10% year over year.

March 2022

Oct. 2021

700

Interest rates soar

Sept.-Oct. 2025

600

May 2025

Oct. 2024

Spring 2024

500

Spring 2023

Oct. 2022

Oct. 2023

400

Summer

Summer

300

Summer

December

Summer

200

December

December

December

Updated through November 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.

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