June '25 Deep Dive - San Francisco

The Local Lowdown

Quick Take:

Median sale prices surge upward on a year-over-year basis, with condo values increasing by more than 8%.
Inventories remain lower than they were last year, as fewer listings hit the market
Listings are being bought up incredibly quickly, with the average single-family home spending less than two weeks on the market.

Note: You can find the charts/graphs for the Local Lowdown at the end of this section.

San Francisco median sale prices surge in May

While many markets across the Bay Area have experienced cooling or even slight declines in home values, San Francisco continues to show remarkable strength. In May, the city posted some of the highest median sale prices we've seen in over two years. The median single-family home sold for $1,802,000, marking a 7.58% increase year-over-year. Meanwhile, the median condo price rose to $1,298,000, an 8.26% jump from last May. This upward trend comes despite continued inventory challenges that have shaped our market for years.

Inventory levels remain lower than where they were last year

San Francisco’s limited housing supply has been a defining market characteristic — and that hasn’t changed. In May, single-family home inventory was down 2.54% compared to last year, although we did see a 5.49% month-over-month uptick. Despite the increase in new listings (up 8.72% YoY), closed sales were down 7.39%, underscoring that even when more homes hit the market, demand remains strong enough to keep pace.

The condo segment tells a similar but even more dramatic story. Active condo listings dropped 14.01% year-over-year, aligning closely with declines in both new listings (down 13.35%) and sales (down 13.45%).

Listings are still being snapped up incredibly quickly

With low inventory and persistent buyer interest, homes aren’t sitting on the market for long. Single-family homes are selling in an average of just 13 days — unchanged from last year but still exceptionally fast. Condos are moving quicker too, now averaging 23 days on market, a sharp 25.81% decrease from 31 days last May.

The condo market remains a buyers’ market, while the single-family home market is a sellers’ market

Using Months of Supply Inventory (MSI) as our guide, we see continued segmentation between the two markets. Historically, around 3 months of supply is considered a balanced market. Anything below that favors sellers; anything above favors buyers.

In May, San Francisco’s single-family home MSI fell 14.29% to just 1.8 months, reinforcing its status as a strong sellers’ market. Meanwhile, the condo market MSI dropped to 3.8 months, still squarely in buyers’ market territory but trending toward more balance. Buyers still have some leverage, but with condo inventory declining, that window may be narrowing.

Bottom Line:

San Francisco's housing market is holding firm — and in some segments, even thriving. Low inventory continues to support higher home prices, especially for single-family homes. Condos remain a compelling opportunity for buyers, but faster days on market and shrinking supply may signal a shift on the horizon. Whether you're thinking about buying, selling, or just keeping an eye on the market, it's clear that San Francisco remains one of the most dynamic places to call home.