2024 - San Francisco Real Estate Year in Review

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2024 YEAR IN REVIEW San Francisco's real estate market in 2024 reflected a mix of resilience and recovery amid broader economic challenges. High prices, limited inventory, and steady demand defined the landscape, with certain neighborhoods continuing to perform well despite a shifting economic backdrop. The tech industry’s 20% workforce reduction since 2022 had a lingering impact on housing demand, contributing to a 14.7% decline in prices for condominiums and co-ops compared to the market’s peak between spring 2021 and fall 2022. However, year-over-year data showed encouraging signs of recovery. Sales of single-family homes rose 14.8%, while condominium sales increased 11.1%. Median sales prices and price-per-square-foot also saw modest gains, reflecting renewed buyer activity. The luxury segment ($3M+) also experienced healthy growth, supported by strong demand. Competitive bidding remained common, especially in desirable neighborhoods, with many properties selling quickly and above asking price. Mortgage rates have edged upward over the last three weeks, with the 30-year fixed averaging 6.91%. Despite higher rates, buyers appear to be re-entering the market, as pending home sales continue to rise. The first half of January typically starts slow as the market emerges from the holiday lull. Activity is expected to build, with new and refreshed listings peaking during the busy spring selling season. Projections point to a seller’s market throughout 2025, characterized by tight inventory and sustained demand—conditions likely to support high pricing. The National Association of Realtors forecasts a 2% increase in home prices nationwide, driven by stabilizing mortgage rates and improving job and income opportunities. Overall, 2024 laid the foundation for continued stability and growth in San Francisco’s real estate market, setting the stage for an active and optimistic year ahead. YEAR-OVER-YEAR COMPARISON SINGLE FAMILY RESIDENCES MONTH-OVER-MONTH COMPARISON SINGLE FAMILY RESIDENCES CHANGE IN PAST MONTH: SALES PRICE -4.3% DAYS ON MARKET No change MEDIAN AREA VALUES SINGLE FAMILY RESIDENCES 2024 * Denotes small sample size; Use caution when interpreting results. TOP FIVE SALES IN 2024 SINGLE FAMILY RESIDENCES 2799 BROADWAY Pacific Heights $29,150,000  $2,505/sq. ft. 7 bed / 9 bath  11,635 sq. ft. 290 SEA CLIFF AVENUE Sea Cliff $26,000,000  $3,295/sq. ft. 4 bed / 6 bath  7,890 sq. ft. 3630 JACKSON STREET Presidio Heights $24,000,000  $1,996/sq. ft. 8 bed / 9 bath  12,022 sq. ft. 825 FRANCISCO STREET Russian Hill $22,100,000  $2,618/sq. ft. 5 bed / 7 bath  8,440 sq. ft. 2350 BROADWAY STREET Pacific Heights $21,816,667  $2,373/sq. ft. 6 bed / 10 bath  9,195 sq. ft. YEAR-OVER-YEAR COMPARISON CONDOMINIUMS/TIC/COOPs MONTH-OVER-MONTH COMPARISON CONDOMINIUMS/TIC/COOPs CHANGE IN PAST MONTH: SALE PRICE -6.2% DAYS ON MARKET +5 days MEDIAN AREA VALUES CONDOMINIUMS/TIC/COOPs 2024 * Denotes small sample size; Use caution when interpreting results. TOP FIVE SALES IN 2024 CONDOMINIUMS/TIC/COOPs 2000 WASHINGTON #PH Pacific Heights $16,000,000  $-/sq. ft. 4 bed / 6 bath  - sq. ft. 2288 BROADWAY #8 Pacific Heights $16,000,000  $4,501/sq. ft. 4 bed / 4 bath  3,555 sq. ft. 1 STEUART LANE #1001 South Beach $9,250,000  $3,110/sq. ft. 3 bed / 3 bath  2,974 sq. ft. 1090 CHESTNUT STREET #4 Russian Hill $8,500,000  $2,474/sq. ft. 3 bed / 3 bath  3,436 sq. ft. 2226 GREEN STREET Pacific Heights $7,600,000  $-/sq. ft. 3 bed / 3.5 bath  - sq. ft. YEAR-OVER-YEAR COMPARISONS MEDIAN SALE PRICE $1,625,000 +4.8% year-over-year $1,125,000 +1.0 change year-over-year MEDIAN MARKET TIME 14 days -1 day change year-over-year 33 days No change year-over-year NUMBER OF SALES 2,161 +14.8% year-over-year 2,329 +11.1% year–over–year PRINTABLE VIEW Post Tweet Share SEE ALL AVAILABLE REPORTS: Vanguard Properties Market Updates Ensure delivery:  Add us to your address book Sources: SFAR MLS. Property types covered: single-family, condominium/TIC/COOP. Only property data posted on the MLS is covered. BMRs and senior housing have been excluded from stats, where possible. All Photos are sourced by the SFAR MLS and owned by their respective brokerages. All information is deemed reliable, but not guaranteed for accuracy. All data is subject to errors, omissions, revisions, and is not warranted. ©2025 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE No. 01486075 View This Email in Your Browser Subscribe to Our Market Updates

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