Ten Significant Details from San Francisco's 2024 Housing Market

Key findings from the San Francisco Association of REALTORS® annual report

1. District 7 Sales Explosion

Marina/Pacific Heights/Cow Hollow led citywide growth with a 31.4% increase in closed sales, achieving 418 total transactions. This growth rate was 1.7 times higher than the second-highest district.

2. Seller Pricing Power Reached New Heights

Sellers received an average 105.8% of asking price citywide, up from 103% in 2023. This 2.7 percentage point increase represents the strongest seller advantage since peak market years, with single-family homes commanding even higher premiums at 111.3% of asking price.

3. Severe Inventory Shortage

The city ended the year with just 551 active listings available, representing a 22.7% decline from 2023 levels. This marked the lowest inventory since 2020, creating intense buyer competition across all price segments.

4. District 2 Achieved Market-Leading Performance

Sunset/Parkside areas achieved 117.7% of asking price - the highest in the city. Properties in this district also had the shortest time on market at 22 days.

5. 3-Bedroom Homes Emerged as Market Sweet Spot

Three-bedroom properties had 14.1% sales growth and received 103.7% of asking price. These homes represented 1,613 transactions or 35% of all sales volume.

6. Luxury Market Showed Explosive Growth

The $1.75M+ price range had a 25.8% increase in sales volume with 1,424 transactions. These properties also had the shortest average time on market at 38 days.

7. Single-Family vs. Condo Divide Widened

Single-family homes received 111.3% of asking price and averaged 29 days on market, while condos/TICs received 100.7% of asking price and averaged 58 days. Single-family median prices rose 4.8% to $1,625,000 compared to 2.3% growth to $1,125,000 for condos.

8. District 6 Bucked Citywide Growth Trends

Hayes Valley/Alamo Square/Western Addition was the only district with declining sales at -1.1% (261 total sales) and the only area with price decline at -4.0% to a $1,199,500 median. This contrasted sharply with the citywide growth trends seen across all other districts.

9. Larger Homes Commanded Market Premiums

Properties 2,501+ square feet had 22.6% sales growth and received 101.0% of asking price. Properties 1,500 square feet or less had the highest volume with 2,369 transactions but received 103.6% of asking price.

10. Market Stratification Revealed Two-Tier System

The under $750K segment declined 11.5% in sales volume and took 77 days to sell, representing just 575 transactions (13% of the market). Conversely, the $1.75M+ luxury segment grew 25.8% and sold in 38 days, accounting for 1,424 transactions (31% of the market). This bifurcation highlighted how affordability constraints limited entry-level activity while luxury demand remained robust.

Key Takeaway: 2024 data showed strong sales growth in certain districts and price ranges while the under-$750K segment contracted, with inventory at historic lows creating competitive conditions favoring sellers across all segments.

Data source: San Francisco Association of REALTORS® MLS, compiled by ShowingTime Plus. Report current as of January 11, 2025.