San Francisco’s Single-Family Home Market in 2024: The Data
The San Francisco real estate market in 2024 continued to show interesting trends for buyers and sellers alike. Let’s break it down into some quick highlights.
What’s the Big Picture?
Here are the averages for single-family homes in San Francisco this year:
Sales Price: $1.625M
Days on Market (DOM): 14
Price per Square Foot: $1,000
Number of Homes for Sale (Last Day of Year): 85
Homes That Went Into Contract: 2,171
Properties Sold: 2,161
The story here? While competition is strong, buyers have more opportunities to find their dream home with the right preparation and strategy. Homes are selling quickly and maintaining strong value, making it a promising time for both buyers and sellers.
Year-Over-Year Highlights (2024 vs. 2023)
Prices Are Up:
The median sales price rose 4.8%, reaching $1,625,000. San Francisco real estate continues to hold its value and then some.
Faster Sales:
Homes sold in 14 days, compared to 15 days last year. That’s a 6.7% decrease in market time, meaning buyers need to move fast when they find a home they love.
More Value Per Square Foot:
The price per square foot increased 3.5%, jumping from $966 to $1,000. Homes in San Francisco are commanding premium prices.
Bidding Wars Heat Up:
72.5% of homes sold over the list price, up from 62.7% last year. This is a clear sign that competition is fierce, and sellers are benefiting.
Stronger Offers:
On average, sellers received 111.5% of their list price, compared to 106.9% last year. Buyers are sweetening their offers to secure homes.
More Sales Happening:
The number of homes sold increased by 14.8%, and more homes went into contract (+14.7%). Despite higher prices, demand remains strong.
Seasonal Trends: December 2024
Sales Price: Down 4.3% from the previous month (a common trend during the holidays).
Days on Market: Stayed steady at 14.
While the market cooled slightly in December, this seasonal dip is normal and typically lasts into January. The overall trends from the year paint a picture of a robust market.
Neighborhood Highlights
San Francisco’s unique neighborhoods bring variety to the market. Here’s a quick look at some standouts:
Luxury Living:
Pacific/Presidio Heights: The most expensive neighborhood with a median sales price of $6,050,000 and price per square foot at $1,414.
Hot Markets:
Richmond/Lake Street: With 156 homes sold, this neighborhood had one of the highest activity levels. It also saw homes selling at 110.1% of the list price, reflecting strong demand.
Competitive Areas:
Hayes Valley: Small but mighty, this neighborhood had the highest over-list sales at 135.1% of asking price. Buyers here were ready to pay a premium.
Neighborhood Spotlight:
Sunset District: Selling on average 119.2% above list price, this family-friendly neighborhood remained popular, with homes selling quickly and strong demand for properties close to parks and schools.
What Does This Mean for Buyers and Sellers?
For Sellers: It’s a great time to list. Homes are selling quickly, and buyers are coming in strong with competitive offers. If you price your home right, you’re likely to attract multiple bids.
For Buyers: While the market is competitive, it’s far from impossible to find a home that fits your needs. Acting quickly, staying prepared, and working with an experienced agent will help you navigate the market confidently. With steady appreciation in the market, you can be confident that your investment will pay off.
The San Francisco single-family home market in 2024 is thriving, with rising prices, fast sales, and high competition. Whether you’re looking to buy, sell, or simply stay informed, understanding these trends will help you make smart decisions in this dynamic market.
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.
