San Francisco Housing Market: Trends & Prices
San Francisco Real Estate Market Overview
(Last Updated – 03/2020)
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.
San Francisco home prices are cooling off after seven years of price appreciation and prices are expected to remain in a 2% +/- range into 2020. San Francisco was found to be the third most expensive city in America, with the cost of living being 24.7% higher than the national average.
For an average family of four to live in San Francisco, they would need to spend over $12,000 a month on living expenses. While living in San Francisco is expensive, the city also 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 move there, make sure to take advantage of all of the city’s quirks.
Overall San Francisco Market Trends
The real estate experts at Redfin consider the San Francisco housing market to be one of the most competitive markets around.
Homes for sale in this area generally receive two offers, sell for 6% above asking price, and go pending in around 34 days.
$1,310,000
Avg. Home Price
$964
Avg. Price Per Sq. Ft
34 days
Avg. Time on Market
San Francisco Housing Market Forecast
If you’re curious what San Francisco house prices will look like in the near future, consider this housing market forecast.
San Francisco home values are expected to rise by 4.6% in the next year, which is no small amount when you consider the average home price in San Francisco is $1,310,000.
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: $112,376
Median Age: 38.3
College Educated: 57%
Homeowners: 37.6%
Married: 42%
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 down 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 lies upon 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:
43,610
Median Age:
33.6
Housing Units:
19,746
Bike Score:
71
Walk Score:
92
Transit Score:
88
Average Household Income:
$176,172
Buena Vista Housing Market
This competitive neighborhood averages multiple offers per home sold with homes selling for about 8% above the listing price.
Home prices have gone up in the last year and it isn’t unusual for Buena Vista houses on the market to go pending in just 20 days.
Average Home Price
$2,005,000
Average Price Per Sqare Ft.
$648
Outer Sunset
The Outer Sunset is another San Francisco neighborhood that offers a tranquil feel.
This almost suburban neighborhood is right on top of the Pacific Ocean which means there is a lot of outdoor fun to be had—especially if you love to surf.
Quick Facts
Population:
62,516
Median Age:
39.5
Housing Units:
24,352
Bike Score:
76
Walk Score:
78
Transit Score:
62
Average Household Income:
$133,356
Outer Sunset Housing Market
The Outer Sunset is a very competitive housing market with home prices up 7.2% compared to last year and houses are only on the market for 18 days. In this neighborhood, homes sell on average about 16% above the list price.
Average Home Price
$1,420,000
Average Price Per Square Ft.
$830
South of Market
San Francisco’s South of Market District, commonly called SoMa by locals, has become the home of many tech start-ups 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:
17,320
Median Age:
37
Housing Units:
10,189
Bike Score:
93
Walk Score:
96
Transit Score:
100
Average Household Income:
$116,855
South of Market Housing Market
This area is slightly more expensive than the San Francisco average, but might become more so in the next few years.
South of Market home values are up 4.5% since last year and homes sell for about 2% above list price.
Average Home Price
$1,150,000
Average Price Per Square Ft.
$1,005
Pacific Heights
Some refer to Pacific Heights as the most prestigious neighborhood in all of San Francisco, as housing prices are pretty high in this area.
There are many grand Victorian homes in Pacific Heights and the neighborhood offers great views of the Bay and the Golden Gate Bridge.
Quick Facts
Population:
22,181
Median Age:
36
Housing Units:
12,985
Bike Score:
66
Walk Score:
96
Transit Score:
89
Average Household Income:
$151,051
Pacific Heights Housing Market
As one of the most expensive neighborhoods in the entire city, prospective buyers may be happy to know that home prices are down 23% compared to last year.
Houses are still going 2.5% above list price and go pending in around 38 days.
Average Home Price
$1,560,000
Average Price Per Square Ft.
$1,210
Haight-Ashbury
The name Haight-Ashbury might ring a bell as it is considered the epicenter of the 1960’s counterculture movement.
Today, you’ll see remnants of that time period with tie-dye and peace signs still scattered around this neighborhood. You’ll also find high-end vintage clothing shops and great restaurants in this area.
Quick Facts
Population:
43,610
Median Age:
33.6
Housing Units:
19,746
Bike Score:
82
Walk Score:
96
Transit Score:
80
Average Household Income:
$176,172
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 6% above list price.
Highly-desirable homes can even sell for as much as 14% above list price.
Average Home Price
$1,520,000
Average Price Per Square Ft.
$1,020
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 your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible. And don’t worry, there won’t be any hidden fees or prepayment penalties to worry about.
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