Local Market Updates
Median Sales Price of San Francisco vs Pacific Heights
In 2023, the median sales price for homes in San Francisco decreased by 6.7% compared to the previous year, settling at $1.2 million. Conversely, Pacific Heights experienced a significant surge in home prices, with a remarkable 65.4% increase from the previous year, boasting a median sales price of $2.9 million. This notable difference underscores Pacific Heights’ emergence as a comparatively more affordable alternative to the overall high-priced San Francisco housing market.
Days on Market of San Francisco vs Pacific Heights
In San Francisco, homes typically sell within an average of 52 days, reflecting the brisk pace of the city’s real estate market. In contrast, properties in Pacific Heights, another sought-after neighborhood, tend to remain on the market slightly longer, with an average selling period of 63 days. These variations in selling times highlight the influence of both market conditions and neighborhood dynamics on the pace of home sales.
Percent of Original Price of San Francisco vs Pacific Heights
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.