Local Market Updates
Median Sales Price of San Francisco vs Western Addition
In light of market conditions, limited space, and demand, the housing market experiences fluctuations. However, Western Addition offers a comparatively more affordable option compared to San Francisco, with its median sales prices being relatively fair. When comparing the median sales prices between the two areas, it becomes evident that San Francisco commands higher prices due to its high demand. In 2023, the median home prices in San Francisco decreased by 6.7% compared to 2022, selling for a median price of $1.2 million. Conversely, home prices in Western Addition experienced a larger decline of 12.1% from the previous year, selling for a median price of $1.1 million.
Days on Market of San Francisco vs Western Addition
The average number of days a house remains on the market can be influenced by several factors, including market conditions and the characteristics of the neighborhood. In San Francisco, homes typically sell relatively quickly, with an average selling period of 52 days. In contrast, homes in Western Addition tend to stay on the market slightly longer, with an average selling period of 60 days.
Percent of Original Price of San Francisco vs Western Addition
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.