February Market Deep Dive - San Francisco
Ascend RE February 20, 2025
Ascend RE February 20, 2025
Local Lowdown
In January, we saw considerable decreases in San Francisco, in terms of both single-family homes and condos.
Despite the notable decreases in median sales price in San Francisco, single-family homes are still selling for more than asking price, on average.
Active inventory levels are considerably lower than this time last year, despite a healthy amount of supply hitting the market.
The January drop-off
After holding steady in the fourth quarter despite rising interest rates, median home prices fell in January. Single-family home prices dropped 9.68% to $1,422,500, while condos declined 8.76% to $990,000. Despite earlier resilience, prices are adjusting to higher borrowing costs.
Single-family homes in San Francisco are still selling for over listing price San Francisco's housing market is seeing an interesting trend. Despite a nearly 10% drop in median sale prices year-over-year, single-family homes are still selling for 105% of the asking price, while condos fetch around 96%. Prices may have dipped in January, but the market remains strong.
Inventories in San Francisco weren’t just a 2024 problem
San Francisco's housing inventory remains tight in 2025. In January, single-family and condo listings rose, but active inventory fell over 10% year-over-year. The shortage shows no signs of easing.
San Francisco is entirely a sellers’ market
Months of Supply Inventory (MSI) determines market balance, with three months being neutral. San Francisco, with 1.1 months for single-family homes and 2.8 months for condos, is firmly a sellers’ market as demand outpaces supply.
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