San Francisco CA Real Estate - San Francisco CA Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in San Francisco? ›

Home prices have plunged in San Francisco since homebuying boomed during the pandemic, making it more likely for sellers in the city to lose money than in other parts of the country.

🔎 Key takeways. If finding a house for a low listing price is your priority, the best time to buy a house in the Bay Area is January. In recent years, prices for homes in the Bay Area have been the lowest in January. On average, homes are $194,014 less expensive than the average listing price of $1,523,962.

Sell your house at the best time of year

'Spring' in San Francisco begins in mid to late January and continues through May. As a very general rule we see the biggest gain in home prices during the Spring selling season with a slower rise or sometimes flatten through the Summer and Fall.

$1,292,126. The average San Francisco, CA home value is $1,292,126, up 0.3% over the past year and goes to pending in around 15 days.

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.

March 2024 Data Insights

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. This is a 10.3% rise from the previous month and a 15.5% increase year-over-year, highlighting the region's strong market dynamics.

San Francisco. In San Francisco, you need an annual household income of $404,332 to afford an average home. This is the most expensive market in the country, with a median monthly mortgage price of $10,108, according to Redfin.

A recent analysis from ConsumerAffairs reveals that San Francisco residents need a minimum salary of $131,050, while San Jose residents must earn at least $124,292, and Fremont residents require $117,339. In Oakland, the minimum salary needed for comfortable living is $99,334.

San Francisco's real estate appreciated 111.65% over the past decade, which suggests an average annual home appreciation rate of 7.79%. 76% of homebuyers in San Francisco looked to say within the metropolitan area in early 2023.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

What is the most profitable month to sell a house? ›

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March.

List your house on a Thursday to increase the chances of your home selling more quickly and for more money. Homes listed on a Thursday typically go pending faster than any other day of the week, all other things being equal. The difference is notable in a market where homes are typically selling in seven days.

In fact, in the priciest locales — New York, San Francisco and Honolulu — $100,000 buys you the same quality of life as someone making $36,000 per year almost anywhere else in the nation, according to a new analysis from personal finance website SmartAsset.

Aquatic Park Fort Mason. With a median home price of $1,250,438 and a median rent of $2,423, 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.

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.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.

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.

San Francisco rents are flat month-over-month and down 1.5% year-over-year. The median rent in San Francisco fell by 0.1% over the course of June, and has now decreased by a total of 1.5% 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.