San Francisco - Real Estate Market Report FEBRUARY 2024

San Francisco Monthly Market Report

Market Overview:

Price Trends:

  • The median house price in San Francisco has experienced fluctuations with a general upward trend since 1990.
  • The year-over-year 3-month rolling median house sales price as of January 2024 increased by approximately 2%, indicating a stable but slightly growing market value.
  • The pandemic has created noticeable volatility in the market with a sharp increase in median prices following the initial hit.

Sales Volume:

  • The sales volume shows seasonality, with peaks typically in the spring and summer months and a notable dip during the onset of the pandemic.
  • The volume recovered post-pandemic, peaking in June 2021, and has since been experiencing the usual seasonal trends.
  • As of January 2024, the year-over-year sales volume remained largely unchanged, suggesting a stable market.

Census Snapshots:

  • San Francisco has a higher percentage of tenant-occupied housing compared to owner-occupied.
  • There is a significant portion of the population living in buildings with 10+ units, reflecting the city's urban density.
  • The educational attainment is high, with a significant percentage holding a bachelor's degree or higher.
  • The employment sectors are diverse, with education, health, and social assistance; professional, scientific, and management sectors leading.
  • There is a substantial foreign-born population, predominantly from Asia/Oceania and Europe.
  • The household income distribution indicates a relatively high-income population, with a significant percentage earning over $200,000.

Recommendations for Sellers:

  • Pricing Strategy: Given the stable increase in median prices, sellers should price their homes competitively, considering recent comparable sales and the current upward trend.
  • Timing the Market: If possible, plan to list in the spring when sales volume tends to increase. However, due to the stable market, listing in off-peak seasons could still yield favorable results.
  • Marketing Approach: Highlight amenities that appeal to the city's demographic, such as proximity to tech hubs, educational institutions, and cultural centers.

Recommendations for Buyers:

  • Market Entry: Buyers should be prepared for competition due to the city's high demand for housing. However, the stable prices suggest that with adequate preparation, a fair deal is possible.
  • Financial Planning: With a significant portion of the population earning higher incomes, buyers should ensure their financial profiles are strong to compete effectively.
  • Long-term Considerations: Given the high percentage of buildings constructed before 1980, buyers should be aware of potential additional costs associated with older properties, such as maintenance and retrofitting for earthquake safety.


The San Francisco real estate market remains resilient with stable growth in property values and consistent sales volumes. Both sellers and buyers should act strategically, considering the city's unique market dynamics, seasonal trends, and demographic profiles. Sellers can leverage the steady market to price homes competitively, while buyers should prepare for a competitive market by ensuring strong financial standing and readiness to act when opportunities arise.

Want more professional advice on buying houses or listing your home in San Francisco Bay Area? 
Contact Tracy Tang Team for more exclusive info:

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