San Francisco, CA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in San Francisco? ›

Home prices in the city have been plummeting since reaching a peak of $1,449,470 in May 2022, with the exception of September 2023, when they saw a modest month-on-month increase from $1,226,112 to $1,228,976, according to Zillow.

Buying conditions are more than favorable in San Francisco today, as home prices continue to decline, inventory on the market keeps increasing, and competition is balancing out.

San Francisco Housing Market Trends

In June 2024, San Francisco home prices were up 1.1% compared to last year, selling for a median price of $1.4M. On average, homes in San Francisco sell after 22 days on the market compared to 26 days last year.

Years of insufficient housing production coupled with a booming economy have finally caught up to the city; Stringent regulations for development make building any kind of housing difficult and time-consuming; A democratic public process that gives everyone a voice; The city has a strong anti-growth culture.

A recovery is under way in the Bay Area, as interest-rate shock finally wears off and stock-market gains fuel high-end home sales. San Francisco's luxury housing market is bouncing back from its doom doop. After being battered by slumping tech stocks and interest-rate hikes, buyers and sellers are back in action.

Data from March 2024 reveals a significant year-over-year increase in median sold prices, showcasing the market's resilience and ongoing demand. The California Association of Realtors (C.A.R.) reports a median sold price of $1,386,500 for existing single-family homes in the San Francisco Bay Area.

"San Francisco tops the list in the Bay Area at $131,000," Rebecca Sowell with Consumer Affairs said. "That's the minimum income in order to live a comfortable lifestyle."

In San Francisco, you need an annual household income of $404,332 to afford an average home.

$200k in SFBA is well beyond the point where all your basic needs are met. The fact that you have have to stipulate that one can live without roommates and "all basic needs are met" with a $200,000 salary proves the OP's point. That's more than 6 times the median annual income in the US.

Aquatic Park Fort Mason. With a median home price of $1,250,438 and a median rent of $2,592, Aquatic Park Fort Mason is the most expensive neighborhood on our list. Based on the growth in home prices in Aquatic Park Fort Mason over the last 3 years, it ranks No. 1 among all the neighborhoods in San Francisco.

Is 300k a lot in San Francisco? ›

With a median household income that is nearly double the national average, San Francisco costs 82.8% more than the national average, the study found. San Franciscans need to earn slightly more than $300,000 pre-tax to take home $100,000 of purchasing power.

$75k is a decent salary in most of the US, but if you're in NYC or SF, even his 20% variance (bringing it up to $90k) just isn't enough. If you want to save money, buy a house in the future, and have money to do things, then $120k is minimum in Manhattan, and $90-100k in most of the rest of NYC.

Housing affordability appears to be getting worse in the Bay Area's nine-county region. Only 1 in 5 households could afford to purchase the region's median-priced home of $1.2 million during the first quarter of this year, according to data collected by the California Association of Realtors.

You'll need to earn triple a $100,000 salary to live well in San Francisco. This tech-focused California city has a median household income nearly double the national average. Living expenses cost 82.8% more than the national average, making it a pricey place to live.

San Francisco is known as a global tech hub, but banking and finance is the primary industry associated with the largest proportion of its UHNW residents or the industry where they spend most of their time.

The area's job market has been improving in 2024, with an addition of 1,900 jobs in San Francisco and San Mateo counties between February and April. Unemployment has dropped back to 3.4%, down from 4.0% in January. Government are other bright spots, while tech job losses are continuing.

Buying in San Francisco

Owning can help homeowners build a nest egg for the future because values may increase over time. But there are certain costs you may need to consider such as your mortgage payment, property taxes, maintenance costs, renovations, emergency repairs, as well as utilities.

San Francisco rents are flat month-over-month and down 1.0% year-over-year. The median rent in San Francisco rose by 0.5% over the course of July, and has now decreased by a total of 1.0% over the past 12 months.

Strict zoning regulations are a primary cause behind the housing shortage in San Francisco. Historically, zoning regulations were implemented to restrict housing construction in wealthy neighborhoods, as well as prevent people of color from moving into white neighborhoods.