Local Market Updates
Median Sales Price of San Francisco vs Silver Terrace
In light of market conditions, limited space, and demand fluctuations, the housing market experiences variability. Nonetheless, Silver Terrace presents a more affordable option than San Francisco, with its fair median sales prices offering a budget-friendly alternative. Analysis of median sales prices between San Francisco and Silver Terrace indicates that the former maintains higher prices due to heightened demand. In 2023, San Francisco’s home prices decreased by 6.7% compared to 2022, with a median price of $1.2 million. Conversely, in February 2024, Silver Terrace witnessed a slight decrease of 2.8% in home prices compared to the previous year, with a median price of $1.1 million.
Days on Market of San Francisco vs Silver Terrace
In San Francisco, homes typically sell within 52 days, whereas in Silver Terrace, houses tend to sell within a shorter period of 29 days. These variations in the average days on the market can be attributed to factors such as market conditions and the specific characteristics of each neighborhood, which influence the speed at which properties are bought and sold.
Percent of Original Price of San Francisco vs Silver Terrace
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.