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

FAQs

Is it a good time to buy a house near San Francisco CA? ›

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 July 2024, San Francisco home prices were up 6.1% compared to last year, selling for a median price of $1.4M. On average, homes in San Francisco sell after 25 days on the market compared to 33 days last year. There were 439 homes sold in July this year, up from 358 last year.

If you are looking for the most popular selling seasons, you'd want to target the spring or fall. Each has its own distinct feelings and patterns. The spring has a longer, slower run up, but this is typically the season when we see prices get pushed to new highs.

San Francisco, CA housing market

The median listing home price in San Francisco, CA was $1.2M in July 2024, trending down -11.2% year-over-year. The median listing home price per square foot was $954. The median home sold price was $1.3M.

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.

"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."

forecasts a moderate growth in the California housing market, including the Bay Area. They predict the median home price to rise by 6.2% to $860,300 in 2024.

“The market is in a recovery mode,” says Ying He, a real estate agent at Barb Co. “I feel San Francisco really hit rock bottom in the fall and winter of 2023, and the market has come back very strong since the beginning of this year.” Some homes at San Francisco's Four Seasons Residential have been selling for a loss.

Real estate in San Francisco is often seen as a long-term investment due to the city's enduring appeal and economic vigor. Investment in San Francisco properties requires a consideration of both the high entry costs and the potential for appreciation.

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.

Is 2024 a good time to sell your home? ›

The home-shopping season is expected to “follow a similar pattern” in 2024, meaning that June should be the best month to list a home, according to Zillow. That's largely due to the first in a series of mortgage rate cuts that's widely expected in June.

Again, June and July are the best months to close your house sale quickly. During these months, homes spend an average 24-27 days on the market, which is 10-15 days less than the rest of the months. Fewer days on the market is considered an indicator of a seller's market.

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.

The San Francisco market tends to favor sellers, at least for single-family homes, which is reflected in its low MSI. However, we've seen over the past 12 months that this isn't always the case. MSI has been volatile, moving between a buyers' and sellers' market throughout the year.

If you're confident that you can afford the cost of the purchase (as well as the ongoing costs of property taxes, insurance premiums, maintenance and upkeep), then it may well be a good idea. San Francisco real estate has historically proven to be a wise investment.

forecasts a moderate growth in the California housing market, including the Bay Area. They predict the median home price to rise by 6.2% to $860,300 in 2024.

Experts suggest there may be some moderation in price growth, but it is unlikely that we will see broad declines in the California real estate market. Compared with previous cycles, 2024 shows similar trends around tight inventory and high demand.

Although the buyer market is deteriorating, there are plenty of buyers with funds who can jump into the market for homes or rentals when mortgage rates ease. Although rent prices are falling in California, and likely will further in 2024, there is always a possibility of higher California rent prices.

San Francisco rents continue to drop, and they probably haven't hit bottom. Median rent prices in San Francisco are the lowest they've been since mid-2021. Experts say they could decline a bit more as the rental market slows for the winter.