San Francisco Market Report

March 2024

San Francisco Higher-Price Home Sales

Homes Selling for $3 Million+

Sales of higher-priced homes in San Francisco tend to fluctuate significantly throughout the year, with spring typically being the most active season for sales. However, in January and February of 2024, the market saw a remarkable 60% increase in sales of homes priced at $3 million and above compared to the same period in the previous year.

Graph showing San Francisco home sale prices for March 2024

*This analysis includes houses, condos, co-ops, townhouses, and TICs, with sales data provided by the NorCal MLS Alliance as analyzed by Infosparks. It’s important to note that this does not account for sales not reported to MLS. While the data source is generally reliable, it may include inaccuracies and is open to future updates. All figures are estimates and might be adjusted based on sales reported after the initial data collection.

San Francisco House Price Trends Since 1990

Monthly Median House Sales Prices, Analyzed with a 3-Month Rolling Average

In February 2024, the 3-month rolling average for the median house sales price in San Francisco showed a year-over-year increase of 3.3%. When looking at a single month’s data rather than a 3-month average, the increase was even more significant at 11.5%.

The median sales price, representing the midpoint where half the sales are above and half are below, provides a broad view but hides the wide variance in individual sales prices. It’s influenced by factors beyond market value changes, such as monthly and seasonal market fluctuations, which typically cause the observed regular peaks and valleys in the data. Historically, the median sales prices often reach their annual peak in spring.

Graph showing a bar chart of San Francisco house prices between 1990 and 2024.

*This analysis uses data from the California Association of Realtors or the NorCal MLS Alliance, focusing on the 3-month rolling average or median of monthly sales prices for “existing” houses. While the information is carefully analyzed, errors may exist and revisions could be made. All figures are approximate and subject to adjustment with late-reported sales.

San Francisco Condo Price Trends Since 2005

Median Condo Sales Price, Analyzed with a 3-Month Rolling Average

As of February 2024, the 3-month rolling average for the median condo sales price in San Francisco showed a year-over-year increase of approximately 5.5%.

The median sales price reflects the middle value, where half the condo sales are priced higher and half lower. This metric provides a broad overview but is subject to influences beyond market value changes, such as monthly and seasonal variations. Long-term trends offer more insight into the market’s direction than short-term fluctuations.
The number of listings entering into contract is a key indicator of buyer demand but also reflects the availability of new listings on the market.

*This analysis is based on data reported to the NorCal MLS Alliance and processed by Infosparks. It’s important to note that while efforts are made to ensure accuracy, the analysis could contain errors and might be updated. All stated figures are estimates and could be adjusted based on sales reported later.

Overbidding List Prices in San Francisco

Percentage of Home Sales Closing Over List Price

In February 2024, the proportion of homes selling above their listing price saw a significant increase, up 28% compared to the prior year.

The percentage of homes selling for more than their listed price varies with seasonal demand and serves as a delayed reflection of market conditions, typically indicating activity from 3-6 weeks prior.

Chart showing overbidding list prices of San Francisco real estate listings for February 2024

*This data, reflecting the percentage of sales concluding at prices above their final listed prices, is sourced from the NORCAL MLS® ALLIANCE and analyzed by Infosparks. Despite being regarded as reliable, the data may include inaccuracies and is subject to corrections. All figures are approximations and subject to changes with additional late-reported sales.

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