In 2025, Bay Area real estate markets started the year seeing strong buyer demand, but had the wind taken out of their sails by the political/economic uncertainty that soared in early spring. Then, in midlate summer, stock markets rebounded to hit new highs, and interest rates began a sustained decline, initiating a shift in the psychology of buyers and sellers that is still developing. However, in San Francisco, the market has been supercharged by its AI startup boom, a dynamic that dramatically accelerated this past fall. After years of social, economic and demographic challenges, the city has shifted back from being the weakest market in the Bay Area to the strongest. Stupendous amounts of new wealth are being created, and market conditions may well exceed those last seen in the IPO boom of 2019. Demand is far outpacing the supply of homes for sale, and we expect the city’s median house sales price will reach a new high in 2026. The luxury home market is particularly competitive, and in our most expensive district – which includes Pacific & Presidio Heights, Cow Hollow and Marina – median house and condo prices already hit new peaks in 2025. The condo market, though not as heated as the house market, has begun a substantial recovery fueled by high- tech workers flocking to the city. As 2026 begins, interest rates are near multi-year lows and stock markets are at or close to all-time peaks.
Early in the new year, it is common for buyers, re-energized to move forward with major life decisions, to jump back into the market faster than sellers list their homes for sale. This disparity of increasing demand versus a low supply of new listings usually runs through the spring, typically making these months the most heated selling season of the year. Last year, this was upended by the tariff shock. Barring new, unexpected economic alarms, we expect this spring to very heated indeed. NOTE: This report includes an image link to our comprehensive review of district and neighborhood values and market dynamics.
Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.
San Francisco House Price Trends
Median House Sales Prices since 2012, by Quarter
Median sales price is that price where half the homes sold for more and half for less, and can be affected by other factors besides changes in fair market value. It is a very general statistic that disguises a wide range of prices in the underlying sales.
Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the year in Q2, though that did not occur in 2025 due to the AI startup boom.
The Q4 2025 median house sales price surged to its highest quarterly price since Q2 2022. It was up 12% from Q4 2024.
appreciation since the fall selling season began. has been accelerating
Median prices are generalities, most useful to discern broadmarket trends. Theycan be affected by other factors besides changes in fair market value. San Francisco contains neighborhoods of widely varying values.
*Per CA. Association of Realtors annual historical survey for existing single-family dwellings. 2025 price based on sales reported to NorCal MLS Alliance by early Jan. 2026. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales. Various sources of data may calculate median sales prices slightly differently.
San Francisco Year-over-Year Appreciation Rates
since 1990 Y-o-Y Percentage Change in Annual Median HOUSE Sales Price*
There was a brief decline after the dotcom bubble popped that does not show up in calendar-year annual data.
Annual appreciation rates often varied widely between submarkets within the county. How this chart applies to any particular property is unknown without a specific comparative market analysis.
*Sales reported to MLS: median existing house sales price appreciation rates, per CA Association of Realtors annual historical survey. 2025 an estimate based on sales reported to NorCal MLS Alliance by early Jan. 2026. Percentage
San Francisco House Prices
MedianHOUSESalesPrices–Selected Neighborhoods*
Presidio Heights
Pacific Heights
Cow Hollow
Sea Cliff
Lake Street/Jordan Park
St. Francis Wood
Marina
Russian Hill
Cole Vly-Ashbury Hghts.
Lower Pacific Heights
West Portal
Noe Valley
Inner Richmond
Eureka Valley
Lone Mountain
Diamond Heights
Forest Hill
Mt. Davidson Mnr.
Corona Heights
Ingleside Terrace
Golden Gate Heights
Inner Parkside
Inner Sunset
Glen Park
Central Richmond
$8,450,000
$7,250,000
$6,500,000
$4,600,000
$4,425,000
$3,900,000
$3,805,000
$3,700,000
$3,500,000
$3,400,000
$2,800,000
$2,717,500
$2,700,000
$2,620,000
$2,320,000
$2,300,000
$2,246,000
$2,131,000
$2,126,000
$2,120,000
$2,040,000
$2,032,500
$2,030,000
$2,025,000
$1,925,000
$1,912,500
Forest Hill Ext.
12 Months Sales*
House Market Dynamics
High Sale: $19,000,000 High Sale: $42,000,000 (offMLS); $26,500,000 (MLS) High Sale: $16,800,000 High
Sale: $30,000,000 (off-MLS); $18,100,000 (MLS) High
Sale: $7,500,000 High Sale: $7,250,000 High Sale:
$8,300,000 High Sale: $9,500,000
High Sale: $6,250,000
High Sale: $6,000,000
High Sale: $9,600,000
High Sale: $6,550,000
High Sale: $5,500,000
High Sale: $12,487,000
This is a sampling of values across some of San Francisco’s 70+ neighborhoods, w/high sales prices of $5 million+*
Median sales price is that price at which half the
sales occurred for more and half for less. It is a very general measurement of value that disguises a wide range of prices in the underlying sales, and how it applies to any particular home is unknown without a specific comparative market analysis.
Many factors affect home values:
architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional the parking, quality of location within neighborhood, and so on.
San Francisco Condo Price Appreciation
Median Condo Sales Prices, 2012 – Present, by Quarter
Seasonal fluctuationsarecommon. Itisnot unusual for median sales prices to peak for the calendar year in Q2.
Different city districts have seen varying median price trends.
The Q4 2025 median condo sales rebounded from Q3 and was up about 4.5% year over year.
Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. The city contains condo projects and neighborhoods of widely varying values and appreciation trends.
*Sales reported to NorCal MLS Alliance by early January 2026. Many new-project condo sales are not reported to MLS. Median sales price is that price at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
San Francisco Year-over-Year Appreciation Rates since 1990
Y-o-Y Percentage Change in Annual Median CONDO Sales Price*
New condos have been built in their tens of thousands over the period illustrated, constantly changing the mix of units sold, so year-over-year comparisons are not necessarily apples to apples. Percentages rounded to nearest full percentage point.
*Sales reported to NorCal MLS Alliance, per SFARMLS statistics or Infosparks. All numbers approximate, may contain errors and subject to revision. Does not include new-project condo sales unreported to MLS. Past performance is not a guarantee of future results. How this chart applies to any particular property is unknown without a specific comparative market analysis.
San Francisco Condo/Co-op Prices
Median CONDO Sales Prices– Selected Neighborhoods*
Presidio Heights
Marina
Lone Mountain
Cow Hollow
Pacific Heights
Lake St./Jordan Park
Eureka Valley
Noe Valley
Inner/Central Richmond
Russian Hill
Inner Sunset
Cole Vly-Ashbury Heights
Duboce Triangle
NoPa
Alamo Square
Nob Hill Hayes Valley
South Beach
Dogpatch
Mission Bay
Potrero Hill
Inner Mission
SoMa
Van Ness/Civic Center
Hunter's Point
$2,500,000
$1,797,500
$1,792,000
$1,762,500
$1,721,500
$1,662,500
$1,531,500
$1,500,000
$1,435,000
$1,350,000
$1,342,500
$1,340,500
$1,340,000
$1,325,000
$1,292,500
$1,246,000
$1,200,000
$1,160,000
$1,100,000
$1,061,500
$1,050,000
$915,000
$725,000
$725,000
High Sale: $4,995,000
High Sale: $4,300,500
High Sale: $4,425,000
12 Months Sales* Condo Market Dynamics
$580,000
High Sale: $24,000,000 (co-op), $9,990,000 (condo)
High Sale: $3,750,000
High Sale: $3,100,000
High Sale: $3,300,000
High Sale: $8,000,000 (co-op), $4,800,000 (condo)
High Sale: $7,250,000
High Sale: $11,250,000
Median sales price is that price at which half the sales occurred for more and half for less. Many factors affect condo prices: square footage, architectural style, views, quality of construction, the floor the unit is on, condition, HOA amenities and cost, deeded outdoor space, parking, and so on.
High Sale: $3,425,000
High Sale: $3,850,000
This is a sampling of values across some of San Francisco’s 70+ neighborhoods. With high sales of $3 million+*
Median Home Values by Year since 2005*
Median values are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. Values vary widely across submarkets within the county.
Median $/sq.ft. values increased in 2025 for houses and slightly for condos.
*Per NorCal MLS Alliance Infosparks calculations, for sales reported to MLS. Median value is that value at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.
As is the normal seasonal trend, the number of
listings for sale on January 1st fell to its annual low count – and by far its lowest count in many years. Inventory should start to rapidly increase as the new year’s market wakes up.
The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling.
* Houses, condos, co-ops, TICs, townhouses: Active/Coming-Soon listings posted to NorCal MLS Alliance. Does not include new-project condosnot listedonMLS. Data fromsourcesdeemedreliablebutmaycontain errors and subject to revision. All numbers approximate. The # of active listings changes constantly.
San
5,838
0 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000
Monthly Home Sales Volume*
San Francisco Market Dynamics & Seasonality
Sales in one month mostly reflect accepted offers in the previous month. The number of sales in December 2025 fell from November but was 22% to 23% higher year over year. January sales volume typically hits the low count of the year, reflecting the holiday slowdown in December and early January.
San Francisco Annual Sales Volume
2025 sales volume increased about 10% from 2024 but remained low by historical standards. Sales are being constrained by low inventory.
number of listings availabl
Sales volume is affected by both buyer dema
h are deeply impacted by positive and negative economic conditions.
*All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all sales are reported to MLS. In San Francisco, many new-project condo sales are not reported.
San Francisco Annual Sales -
Number of Luxury Home Sales by Year, since 2005*
Sales: $5 Million+ Sales: $10 Million+
Sales of higher-price homes are affected by buyer demand, the numberof listings available to purchase, and appreciationtrends– all of which are impacted by economic and demographic conditions. As appreciation occurs over time, homes that would have sold for under $5 million, then sell for over that price threshold (and vice versa if prices fall).
2025 home sales of $5 million+ rose approximately 23% from 2024. Luxury sales accelerated in the fall selling season due to the AI startup boom.
*All attached and detached
San Francisco Residential Market
2025 Home Sales by Price Segment*
$4,000,000 - $4,999,999
$3,000,000 - $3,999,999
$2,000,000 – $2,999,999
$1,500,000 -
Percentage of Listings Accepting Offers
Absorption rate measures buyer demand vs. the supply of listings for sale: The higher the percentage, the more heated and competitive the market. The SF market shifted dramatically in fall 2025, and the December 2025 reading was double the percentages in December 2024, 2023, and 2022.
*SFARMLS reported data, per Broker Metrics. Not all new-condo project activity is reported to MLS. Last month’s data estimated using available data and may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
San Francisco – Overbidding Asking Price
House Sales Condo Sales
Generally speaking, the stronger the demand as compared to the supply of homes for sale, the more buyers compete to win the sale by overbidding asking price. SF overbidding percentages for houses have been much higher than those for condos.
*Sales over final list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late- reported sales. Not all sales are reported to MLS.
San Francisco: Overbidding & Underbidding
100% =an averagesales price atthe original asking price; 104% =anaverage sales price4% above asking; 98% = an average sales price 2% below asking.
Houses typically see much higher overbidding percentages than condos.
*The ratio of sales price to the original list price: sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. Percentages rounded. All numbers approximate and may change due to late- reported sales. Not all sales are reported to MLS.
Annual Number of Price Reductions
Bay Area Median House Values by County
2025 Sales By Bedroom/Bath Count*
County
In alphabeticalorder
4 Bedroom, 3 Bath Houses
$1,626,500 $1,075,000
$1,905,000
Monterey County
How these values apply to any particular home is unknown without a specific comparative market analysis.
Sonoma County
$1,110,000
$2,200,000
$2,622,500
$2,210,000
$1,550,000
$739/sq.ft.
$478/sq.ft.
5+ Bedroom, 4+ Bath Houses, 3000+ sq.ft.
$4,000,000
$941/sq.ft.
$1232/sq.ft.
$1023/sq.ft.
$677/sq.ft.
$317/sq.ft.
$423/sq.ft.
*Sales reported toNorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Counties with low sales volumes, such as Napa, can see large fluctuations in values. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.
Bay Area Median House Values by County
2025 Sales By Bedroom/Bath Count*
County
In alphabeticalorder
Alameda County
Contra Costa
Marin County
Monterey County
Napa County
San Francisco
San Mateo County
Santa Clara County
Santa Cruz County
Solano County
Sonoma County
2 Bedroom, 1-2 Bath Houses
Median value is that value at which half the sales occurred for more and half for less. It is a very general statistic.
*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. Numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.
$532/sq.ft. Median Dollar per Square Foot
$528/sq.ft.
$859/sq.ft.
$573/sq.ft.
$597/sq.ft.
$1005/sq.ft.
$1153/sq.ft.
$1249/sq.ft.
$758/sq.ft.
$388/sq.ft.
Bay Area Median Condo & Townhouse Values
2025 Sales By Property Type & Bedroom/Bath Count*
2 Bedroom, 2 Bath Condos 3 Bedroom, 2-3 Bath Townhouses County In alphabeticalorder $600,000
$608/sq.ft.
$497/sq.ft.
$661/sq.ft.
$642/sq.ft.
$929/sq.ft.
$1051/sq.ft.
$742/sq.ft.
$694/sq.ft.
$652/sq.ft.
$340/sq.ft.
$398/sq.ft.
$524/sq.ft.
$561/sq.ft.
$580/sq.ft.
$887/sq.ft.
Annual Median House Sales Prices
byBayAreaCounty+Sacramento,2012–2025*
Due to specific market conditions and economic factors – such as the pandemic boom, interest rate changes, stock markets, the AI boom – appreciation rates between counties vary year-to-year, but over the longer term, county home prices throughout the region tend to move roughly in parallel.
Home values vary widely across submarkets within the county markets.
30-YearConformingFixed-RateLoans,WeeklyAverageReadings* price, borrower and lender.
Per Freddie Mac (FHLMC), on January 8, 2026, the weekly average, 30-year, conforming-loaninterest rate was 6.16%, very close to its 2-year low.
*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.
Financial
Markets, 2025 – 2026 YTD
Percentage Increases in S&P 500 & Nasdaq since 1/2/25
Nasdaq Index: % Change since 01/25
S&P 500 Index: % Change since 01/25
Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.
Tariff shock
►
Economic Policy Uncertainty Index*
By Month since January 2000
The Economic Policy Uncertainty Index reading in November 2025 ticked up slightly. It has plummeted since April’s tariff shock, though remains elevated by long-term norms.
The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*
*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html.
from sources deemed reliable, but numbers to be considered approximate and subject to revision.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities,
views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
Photo use under the Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
