05/28/2026
San Francisco’s housing market kicked off 2026 with one of the strongest first quarters in recent memory, driven by sharp price gains, fast sales, and historically low inventory. The headline number: single-family home prices surged 21.2% year-over-year to $1,975,000, one of the largest increases in recent cycles. Homes are selling for an average of 119.3% of list price, the highest level on record, and nearly 80% selling above asking. Homes are moving quickly, averaging just 11 days on market. Inventory remains the defining constraint. The number of homes for sale declined 19.0% year-over-year, while both contracts and closed sales dipped slightly, reinforcing that limited supply, not demand, is holding back transaction volume. The condo market is also gaining momentum. The median price rose 14.5% to $1,225,000, while the pace of sales accelerated significantly, with days on market dropping 48.1% to just 14 days. More than half of condos (51.2%) sold above asking, a dramatic increase from last year, and sellers received an average of 104.6% of list price. Inventory declined 22.4%, further tightening the market. This strength is being fueled by several key factors. The AI-driven wealth effect continues to bring high-income buyers back into the market, while a strong stock market and steady job growth are boosting confidence. San Francisco enters the spring season with clear momentum. Demand is strong, supply remains constrained, and competition is intensifying across both houses and condos.
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Simplify Your Real Estate Journey with Greene Realty
Mari C. Greene | DRE 02202235
www.greenerealtyhomes.com
