San Francisco - Real Estate Market Report JANUARY 2024

San Francisco Monthly Market Report

Median House Sales Price Trends :

  • The median house sales price in Q4 2023 has decreased slightly (less than 1%) compared to Q4 2022.
  • There is a peak in median sales prices in Q2 2022, and seasonal fluctuations are common.
  • Prices have shown some resilience during the pandemic, with significant growth from 2012, despite some fluctuations.

Annual Sales Volume:

  • The 2023 sales volume is down about 27% from 2022, indicating a significant reduction in the number of homes sold.
  • This could be due to various factors such as economic conditions, interest rates, and the number of listings available.

Mortgage Interest Rates:

  • Mortgage interest rates for 30-year fixed-rate loans saw a sharp increase in 2023, with a peak on October 26, 2023, at 7.79%.
  • However, there has been a decline towards the end of the year, with the rate at 6.61% as of December 28, 2023.
  • This decline in interest rates could potentially increase buyer interest as borrowing becomes slightly less expensive.


Active and Coming-Soon Listings:

  • On January 1, 2024, there is an extremely low number of active listings, which could lead to increased competition among buyers.
  • The number of active listings is affected by new listings coming on market, how quickly buyers put them into contract, market heat over time, and sellers pulling their homes off the market without selling.

Recommendations for Buyers:

  • With the slight decrease in median sales prices and the recent decline in interest rates, it might be a good time for buyers to enter the market, especially if the trend of falling interest rates continues.
  • However, the low number of active listings as of January 1, 2024, suggests that buyers may face competition and should be prepared to act quickly when suitable properties become available.

Recommendations for Sellers:

  • Sellers may benefit from waiting for the number of active listings to increase before putting their homes on the market, potentially leading to better offers as buyer competition diminishes.
  • However, if interest rates start to rise again or economic conditions worsen, it might be wise to sell sooner rather than later to avoid potential decreases in buyer demand.


In conclusion, the San Francisco housing market is showing signs of a potential buyer's market with recent price decreases and lower interest rates, but the low inventory could keep competition high. Both buyers and sellers should monitor interest rates and inventory levels closely to make informed decisions. Buyers may find opportunities if they are prepared to act quickly, while sellers could benefit from strategic timing to maximize their sale price.


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

TRACY TANG
DRE# 01956297
(415)828-2961
[email protected]   
ALEX LAU
DRE# 01979954
(408)207-6113
[email protected]

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