Local Market Updates
Median Sales Price of San Francisco vs South Beach
In 2023, the housing market in San Francisco experienced a decline of 6.7% in median home prices compared to the previous year, settling at a median price of $1.2 million. Conversely, in February 2024, South Beach saw a slight decrease of 2.4% in median home prices compared to the preceding year, with properties selling for a median price of $1.2 million. Despite this, South Beach continues to offer a more affordable alternative to San Francisco, with its median sales prices remaining relatively fair in the face of fluctuating market conditions, limited space, and high demand. This comparison underscores the appeal of South Beach as a budget-friendly option for prospective homebuyers seeking value in the competitive real estate landscape.
Days on Market of San Francisco vs South Beach
In San Francisco, homes typically sell within an average of 52 days, reflecting the city’s dynamic real estate market and high demand. Conversely, in South Beach, houses tend to spend a more extended period on the market, with an average selling period of 94 days. These figures highlight the contrasting market conditions between San Francisco and South Beach, with the former experiencing quicker turnover due to robust demand. At the same time, the latter faces a relatively slower pace of sales, possibly influenced by various factors such as neighborhood dynamics and buyer preferences.
Percent of Original Price of San Francisco vs South 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.