San Francisco Housing Market: Trends & Prices
San Francisco Real Estate Market Overview
(Last Updated – 7/2023)
The City by the Bay is an alluring town known for its amazing food, gorgeous architecture, and world-class art market. Not to mention, those stunning bay views.
This city may have a lot of cool, gloomy days, but the San Francisco housing market is very hot, even as the city’s cost of living is 78.8% above the national average.
While San Francisco housing prices dropped by 6.7% in May 2023 compared to last year, experts think home values will rebound. For an average family of four, experts estimate that they would need to earn $200,000 annually to live in San Francisco comfortably.
Recommended: Cost of Living in California (2023)
While living in San Francisco is expensive, the city has a lot to offer that might make the cost worth it. Alongside amazing career opportunities in the tech world and other major industries, there is plenty of art, music, food, and fashion to enjoy in this somewhat small but very metropolitan city.
San Francisco is beloved for its diversity, so if you do look into buying there, make sure to take advantage of all of the city’s quirks.
Overall San Francisco Market Trends
As local trends go, the real estate experts at Redfin consider the San Francisco housing market to be very competitive.
Homes for sale in this area generally receive multiple offers, sell for 10% above asking price, and go pending in around 18 days.
$1,400,000
Median Sale Price
$973
Avg. Price Per Square Ft.
27 days
Avg. Time on Market
San Francisco Housing Market Forecast
What are experts forecasting for the San Francisco housing market in the coming year?
San Francisco’s housing inventory is on the low side, and its total supply is not meeting up with demand. The high cost of living is also prompting workers to move to more affordable neighboring markets, but many still work in the city.
The good news is that the San Francisco market seems to be cooling off a bit. These trends could mean that buyers interested in moving to San Francisco, and can afford it, might have a bit of an easier time finding their dream home.
Demographics of the San Francisco Market
While San Francisco is a relatively compact city, its many neighborhoods offer up completely different vibes. From residential to coastal to retro, there’s likely a neighborhood for everybody.
Overall, let’s look at the demographics of the San Francisco real estate market that may affect you, no matter where you decide to live.
Median Income: $126,187
Median Age: 38.7
College Educated: 59.5%
Homeowners: 38.2%
Married: 41.5%
Popular San Francisco Neighborhoods
While the actual number of neighborhoods is heavily debated by San Francisco residents, there are about 20 popular neighborhoods to choose from.
Each neighborhood has something special to offer, so it will be challenging to narrow your choices. To help, we rounded up some fast facts about five of the most popular neighborhoods in San Francisco.
Buena Vista
If you’ve always dreamed of having your own room with a view, then you’re in luck. The Buena Vista neighborhood is perched on one of San Francisco’s notoriously steep hills, providing residents with great views.
This neighborhood provides a safe haven from the hectic city as it is low on commercial street traffic and high on greenery.
Quick Facts
Population:
40,701
Median Age:
34.4
Housing Units:
19,609
Bike Score:
72/100
Walk Score:
93/100
Transit Score:
80/100
Average Household Income:
$218,467
Buena Vista Housing Market
This somewhat competitive neighborhood sees some homes receiving multiple offers and selling for about 1% below the listing price.
Home prices went down by 3.5% in May 2023 compared to last year, and Buena Vista houses on the market go pending in 35 days.
Median Sale Price
$1,800,000
Average Price Per Square Ft.
$933
Outer Sunset
Outer Sunset is another San Francisco neighborhood that offers a tranquil feel.
This almost suburban neighborhood is right next to the Pacific Ocean, which means there is a lot of outdoor fun to be had — especially if you love to surf.
Quick Facts
Population:
60,144
Median Age:
41
Housing Units:
24,124
Bike Score:
77/100
Walk Score:
83/100
Transit Score:
57/100
Average Household Income:
$163,219
Outer Sunset Housing Market
Outer Sunset is a very competitive housing market, with houses on the market for only 14 days. In this neighborhood, homes sell on average for about 13% above list price.
Median Sale Price
$1,500,000
Average Price Per Square Ft.
$989
South of Market
San Francisco’s South of Market District, commonly called SoMa by locals, has become the home of many tech startups in recent years.
This neighborhood has something for everyone, from Michelin star restaurants to a trusty Trader Joe’s. It is also near other popular neighborhoods like the Design District, which expands your options for food, entertainment, and shopping.
Quick Facts
Population:
20,155
Median Age:
36
Housing Units:
11,974
Bike Score:
94/100
Walk Score:
97/100
Transit Score:
99/100
Average Household Income:
$152,936
South of Market Housing Market
This somewhat competitive area has a lower median sale price than the other popular San Francisco neighborhoods highlighted here. It is also significantly below the median sale price for San Francisco overall.
South of Market home values were down 9.95% in May 2023 compared to last year, and homes typically sell for 2% below list price.
Median Sale Price
$950,000
Average Price Per Square Ft.
$973
Pacific Heights
Some refer to Pacific Heights as the most prestigious neighborhood in all of San Francisco. Many grand Victorian homes grace Pacific Heights, and the neighborhood offers great views of the bay and the Golden Gate Bridge.
Quick Facts
Population:
21,642
Median Age:
36.7
Housing Units:
13,113
Bike Score:
66/100
Walk Score:
97/100
Transit Score:
80/100
Average Household Income:
$198,963
Pacific Heights Housing Market
Home prices were down 7.1% in May 2023 compared with last year. Houses are going for about 2% below list price and go pending in around 35 days.
Average Home Price
$1,600,000
Average Price Per Square Ft.
$1,390
Haight-Ashbury
The name Haight-Ashbury might ring a bell: It was the epicenter of the 1960s counterculture movement.
Today you’ll see remnants of that era with tie-dye and peace signs still scattered about. You’ll also find high-end vintage clothing shops and great restaurants.
Quick Facts
Population:
40,701
Median Age:
34.4
Housing Units:
19,609
Bike Score:
82/100
Walk Score:
97/100
Transit Score:
73/100
Average Household Income:
$218,467
Haight-Ashbury Housing Market
If you want to buy a home in Haight-Ashbury, get ready to compete. Many homes in this area receive multiple offers and generally sell for about 7% above list price.
Highly desirable homes can sell for as much as 19% above list price.
Median Sale Price
$1,400,000
Average Price Per Square Ft.
$943
SoFi Home Loans
It’s easy to see why San Francisco has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think San Francisco could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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