September '25 Deep Dive - San Francisco

The Local Lowdown

Quick Take:

Homes in San Francisco are still selling within their historical averages.
A lack of inventory continues to define the market.
Condos, however, linger on the market longer than single-family homes.

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

Home values in San Francisco hold steady

Even as inventory steadily declines, San Francisco’s home values are moving along their familiar track. Median sale prices for both single-family homes and condos remain within a consistent range. While condo values showed a year-over-year drop of 11.92%, this shift largely reflects the volatility common in condo pricing. By contrast, single-family homes posted a modest 2.34% year-over-year gain.

Inventory remains the city’s biggest challenge

Unlike many Bay Area markets where inventory is climbing, San Francisco is starved for supply. Active listings fell sharply again in July, down 15.93% year-over-year for single-family homes and 19.91% for condos. New listings also remain limited—18.46% fewer single-family homes and 5.09% fewer condos came to market compared to last year. This supply shortage will continue to shape competition among buyers.

Single-family homes move fast, condos take their time

With so few homes available, single-family properties are selling quickly—averaging just 14 days on the market. Condos, however, tell a different story. The average San Francisco condo took 44 days to sell in July, a 12.82% increase from last year. This dynamic, though striking, is not unusual. Historically, condos have taken longer to sell in San Francisco, even when demand for single-family homes is intense.

The condo market approaches balance

Looking at Months of Supply Inventory (MSI), we can gauge how competitive a market is. California typically averages three months of supply—a balanced market. Below that, conditions favor sellers; above that, buyers gain leverage.

San Francisco’s condo market is nearing equilibrium, sitting at 3.1 months of supply. If trends hold, buyers could gain more ground soon. On the other hand, the single-family market remains firmly in sellers’ territory, with just 1.2 months of supply available.

Bottom Line:

San Francisco continues to be defined by scarcity. Single-family homes move fast and remain highly competitive, while condos offer more breathing room for buyers. For sellers, timing and pricing strategy remain key; for buyers, preparation is everything.