Local Market Updates
Median Sales Price of San Francisco vs North Beach
In 2023, the housing market in San Francisco experienced a decline, with home prices decreasing by 6.7% compared to the previous year, resulting in a median sales price of $1.2 million. Conversely, in February 2024, North Beach saw a significant surge in home prices, with a remarkable increase of 46.1% compared to the previous year, reaching a median price of $1.3 million. Despite the fluctuations in the market, North Beach stands out as a more affordable alternative to San Francisco, offering relatively fair median sales prices and providing a budget-friendly option for prospective buyers. This comparison underscores the higher prices of homes in San Francisco due to its high demand, highlighting the appeal of North Beach as a more accessible housing market within the city.
Days on Market of San Francisco vs North Beach
In San Francisco, homes typically sell within an average of 52 days, reflecting the dynamic nature of the city’s real estate market. In contrast, homes in North Beach boast a significantly shorter selling period, with properties typically finding buyers within just 30 days. This disparity underscores the influence of neighborhood dynamics on the duration properties remain available on the market, with North Beach’s allure contributing to expedited sales compared to the broader San Francisco area.
Percent of Original Price of San Francisco vs North Beach
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.