Local Market Updates
Median Sales Price of San Francisco vs Downtown
In 2023, San Francisco’s housing market experienced a decline of 6.7% in median home prices compared to the previous year, with properties selling for a median price of $1.2 million. Conversely, in Downtown, the median sale price of a home surged by an impressive 76.1% since the previous year, reaching $1.45 million last month. Additionally, the median sale price per square foot in Downtown rose to $978, marking a 7.3% increase since last year. This data underscores Downtown’s emergence as a more affordable alternative to San Francisco, with its fair median sales prices offering a budget-friendly option for homebuyers amidst the fluctuating housing market conditions and limited space in the area.
Days on Market of San Francisco vs Downtown
In San Francisco, homes typically sell within an average of 52 days, highlighting the brisk pace of transactions in the city’s dynamic real estate market. In contrast, homes in downtown areas face a lengthier selling period, with properties typically remaining on the market for approximately 91 days. This discrepancy underscores the influence of factors such as market conditions and neighborhood dynamics on the duration properties spend available before finding buyers.
Percent of Original Price of San Francisco vs Downtown
The “Percent of Original Price” is a metric calculated by dividing the final sale price of a property by its most recent listing price.
In general, factors such as high demand, limited housing supply, and the desirability of a neighborhood can influence whether properties sell below or above their most recent listing listing price.