The San Francisco housing market saw significant gains in the first quarter of 2024, especially with regard to single family homes. Median price for a single family home ended the quarter at $1.725M Citywide, up from just $1.40M in December of last year. Inventory of available houses has continued to plummet despite increased buyer demand. The quarter ended with just 1.4 months supply of inventory, down from the high of 3.1 months in September of 2023.
The condo market has also increased over last year but is certainly softer than the single family market. Median price for a condo in SF ended the quarter at $1.15M, up from $1.04M in December. And while inventory ended the quarter lower than last year, there were still 3.7 months of available condo inventory at the end of March. The condo market has been hit by increases in insurance, labor and repair costs which have pushed HOA dues higher than in the past. These higher dues affect a buyer's purchasing power because they are added to a buyer's monthly housing costs during the loan qualification process and eat into a buyer's ability to borrow. Single family purchasers only have the cost of insurance and property taxes included in their calculations.
Interest rates have eased since the high in November 2023 and buyers are locking in rates that currently average around 6%. But many would-be sellers feel “stuck” with incredibly low mortgage rates on their current homes and are staying put rather than increase mortgage costs to accommodate a move. This phenomenon has created a significant shortage of housing that is driving prices higher.
For specific data on your neighborhood or another property category, or for a market evaluation of your home, please reach out and I'd be glad to offer guidance. I am here to help you!
Median Sales Price, San Francisco County (Single Family Homes)
Months Supply of Inventory, San Francisco County (Single Family Homes)
Median Sales Price, San Francisco County (Condos)
Months Supply of Inventory, San Francisco County (Condos)
