San Francisco’s Condo Market in 2024: The Data
Thinking about buying or selling a condo in San Francisco? Here's a quick snapshot of the market.
What’s the Big Picture?
Here are the averages for condominiums, TICs, and co-ops in San Francisco from 2024:
Sales Price: $1.125M
Days on Market (DOM): 33
Price per Square Foot: $997
Number of Properties for Sale (Last Day of Year): 292
Homes That Went Into Contract: 2,348
Properties Sold: 2,329
The story here? Whether you're looking to buy or sell, there are exciting opportunities. Buyers can take advantage of steady prices and great deals, while sellers benefit from strong demand, healthy competition, and properties selling close to or above asking prices.
How Did the Market Change Last Year?
Price Trends
Sales Price: Condo prices rose slightly by +1.0% from $1,114,000 in 2023 to $1,125,000 in 2024.
Days on Market: Homes are selling in 33 days on average—the same as 2023, but a longer window than years past.
Price per Square Foot: Prices per square foot increased by 0.2%, reflecting a stable market.
Market Activity
More Sales, Fewer Listings: Properties sold jumped 11.1%, and homes going under contract rose 12.0%. However, inventory dropped 17.0%, making the market a little tighter.
Competition is Healthy:
More than 35.4% of properties sold above the asking price (up from 33.2% in 2023).
Sellers, on average, received 100.7% of their list price, showing strong buyer interest.
What About Recent Trends?
Looking at recent months, the market saw a -6.2% dip in sales prices and an increase of +5 days on market in December 2024. This could be seasonal, as winter months are often slower, but it also hints at opportunities for buyers to negotiate better deals before the market picks up in the spring.
Where Should You Look?
Here are some standout neighborhoods:
Luxury Picks:
Pacific/Presidio Heights: Median price of $1,625,000 and $1,132 per square foot.
Marina/Cow Hollow: Median price of $1,575,000, with buyers paying slightly above asking price (101.8%).
Great Value Areas:
SOMA: Median price of $749,000 and the lowest price per square foot at $759, perfect for first-time buyers.
Hotspots for Competition:
Buena Vista/Corona Heights: The most competitive neighborhood, with buyers paying 107.3% of asking price.
Noe Valley and Castro/Duboce Triangle: Both neighborhoods are in high demand, with sales prices above 104% of asking price.
Key Takeaways for 2024
Good News for Buyers: Prices are steady, and with inventory shifts, buyers can find great opportunities if they act quickly.
Low Inventory Means Competition for Sellers: Fewer listings mean sellers can take advantage of strong buyer demand, competitive offers, and quick sales.
Neighborhoods Matter: Affluent areas like Pacific Heights are popular for luxury condos, while SOMA offers affordable entry points with potential for upside with continued the revitalization of downtown.
Seasonal Trends Create Opportunity: Prices dipped recently, giving buyers a chance to negotiate better deals before the market heats up again.
Ready to Take the Next Step?
Whether you're exploring your first home purchase or considering selling your condo, the San Francisco market has plenty of opportunities in 2024. Reach out to our team to learn more about what’s available and how to make your move with confidence!
Lauren Dorsey is a San Francisco-based real estate agent helping buyers and sellers navigate the market. Reach out to schedule a quick call to chat through your questions HERE.
