Skip to main content

April 4, 2024

SF House Market Report: Q1 2024

2026 47th Ave

The first quarter of 2024 kicked off a mixed bag of activity across the San Francisco house market. Though volume was lackluster, median price was up and overbidding was still a popular activity.

Here’s a closer look at what happened over the past three months:

Volume took a dive. 376 single-family homes sold in Q1 2024, down 25% from the 500 that closed in Q4 2023. (It’s worth mentioning that the last quarter of the year typically reflects sales in the more robust fall selling season.)

But we saw an uptick in the median price. With a $1,620,000 median price, the last quarter bested Q4 2023’s $1,540,000 median.

Buyer overbidding is clearly always the plan. So much for a winter market doldrum: Buyers paid more than asking for 64% of all houses sold, and 17% of sales closed for 20% or more over list price. This was most notable, unsurprisingly, in the Sunset, Parkside and Richmond. These neighborhoods have been hotspots for buyers seeking single-family homes under $2M. For example, the modest and recently updated 3BR/2BA, 1,224 square foot home at 2026 47th Avenue listed for $1,195,000 changed hands for $1,725,000. (Photo courtesy of Pacific Edge.)

The luxury market made an anemic showing. Fewer than a quarter of all sales landed in the $3M+ range. The selling pattern in this price range differed in that most homes closed for at or below their list prices. Of course, there’s always one that bucks the trend; the 4BR Eureka Valley home at 285 Douglass listed for $2,950,000 closed for a whopping $3,760,000. At the opposite end of the spectrum was the Marina’s largely rebuilt house at 25 Rico, which sold for all cash well below its $7.9M list price at $7,150,000.

Inventory check. There are 244 homes on the market at an average list price of $3,220,000. 101 of these homes have been on the market for 30+ days at an average list price of $4,275,265.  39 homes are in contract with an average list price of $2,338,764.

Pro Tips:

Sellers: Your agent should be guiding you on optimum property presentation, and also be alerting you to potential red flags when it comes to loan or insurance issues. Don’t get caught off guard in escrow with complications  you could’ve been prepared to handle.

Buyers: The bulk of this year’s inventory will be coming on the market between now and June. Spring is typically the peak time of year, with another inventory boost following in the September to mid-November timeframe. Make the most of what’s out there.

[All data courtesy of the San Francisco Multiple Listing Service]

Explore All Posts

Blogging Since 2008

Posts by Neighborhood

Posts by Category

Posts by Year