A New Chapter for San Francisco Real Estate (Except we’ve been Here Before!)
San Francisco real estate feels alive again, and I’m loving every minute of it!
The latest report from the San Francisco Business Times confirms what so many of us have felt at open houses these past few months. Homes are selling fast, prices are climbing, and competition is heating up across the board. In October, sixty-one percent of homes sold over asking, the highest rate anywhere in the Bay Area and nearly three times the national average. The median home price rose to $1.85 million, and total sales jumped twenty-seven percent compared with last year!
That energy extends across the region and the market price points. More than one hundred homes in San Francisco and the South Bay sold for over five million dollars in October alone, marking the highest number of luxury real estate transactions ever recorded for that month. It’s a clear signal that confidence has returned to the market, and not just at the luxury level.
Inventory, however, is scarce. The number of listings in San Francisco has dropped about thirty percent from a year ago. When something good hits the market, it draws a crowd. Buyers are writing clean, competitive offers, often within days, and well-presented properties are seeing multiple bids.
Frank Nolan, President of Vanguard Properties (where I hang my real estate hat), told the Business Times that inventory hasn’t been this low since early December last year, and even with the seasonal slowdown approaching, “there are still hordes of buyers out there ready to go.”
That feels true on the ground. Weekend showings are packed, and even weekday previews are busy again. Condos, which struggled for a while, saw a thirty-eight percent jump in sales compared to last year. Single-family home sales climbed eleven percent despite limited supply. The median two-bedroom condo now sits around $1.26 million, and houses are averaging fourteen percent above list price.
It’s part of a larger rebound that feels familiar to anyone who has worked in San Francisco real estate for a while. This city has a rhythm all its own. The market pauses, people take a breath, and then it comes back stronger than before. Tech and AI are fueling a new wave of hiring. Investors are returning. Homeowners who stayed put during the uncertainty of the last few years are starting to move again.
What’s happening right now isn’t just a recovery. It’s San Francisco remembering who it is … resilient, inventive, and always a few steps ahead of whatever story the rest of the country is telling.
If you’re thinking about buying or selling, or if you just want to know how your neighborhood fits into this moment, I’d love to share what I’m seeing firsthand.