May '25 Deep Dive - San Francisco

The Local Lowdown

Quick Take:

The sale price of the median condo has begun to uptick on a year-over-year basis, after several negative months.

Inventory continues to be an issue for San Francisco, as the number of both single-family home and condo listings dips.
There still aren’t any discounts to be found as the average listing continues to sell for over the original asking price!

Condo prices are starting to tick back up!

Condo comeback? After five consecutive months of year-over-year declines, San Francisco’s condo market may finally be turning a corner. In April, the median sale price for condos jumped 9.13% compared to the same time last year—a strong sign of renewed buyer confidence.

Meanwhile, the single-family home market continues its steady climb, with sale prices rising 2.12% year-over-year in April.

The inventory issue in San Francisco remains incredibly persistent

Inventory crunch continues: San Francisco’s ongoing inventory shortage showed no signs of easing in April. Compared to this time last year, single-family home listings were down 6.29%, while condo listings declined by 7.52%.

What’s especially notable is the 21.17% drop in condo sales year-over-year—one of the sharpest declines we’ve seen in recent memory. Limited options continue to shape the pace of the market.

The average home is still selling for over the original listing price

Buyers, take note: Scoring a deal below asking is getting tougher—single-family homes in San Francisco are now selling for an average of 14.2% over list price. Competition is fierce in that segment.

The condo market, however, tells a different story. It remains far more balanced, with the average condo selling for just 0.4% above asking—offering more opportunity for value-conscious buyers.

Buyers vs. Sellers Markets

Seller’s or buyer’s market? We use Months of Supply Inventory (MSI) to find out. Three months is considered balanced—less favors sellers, more favors buyers.

Right now, single-family homes in San Francisco are in a seller’s market with just 1.7 months of supply. But the condo market tells a different story—3.9 months of inventory makes it a buyer’s market.

Bottom Line

San Francisco’s condo market may be turning a corner, with median sale prices up 9.13% year-over-year in April after five months of declines, while single-family homes continued a steady 2.12% price increase. Inventory remains tight across the board—listings fell 6.29% for single-family homes and 7.52% for condos—while condo sales dropped 21.17%, signaling limited buyer options. Competition is intense for single-family homes, which are selling for 14.2% over asking, but the condo market remains more balanced, averaging just 0.4% above list. With only 1.7 months of supply, single-family homes sit in a seller’s market, while 3.9 months of condo inventory puts that segment firmly in buyer’s market territory.