Thinking about diving into the real estate market in San Francisco, California? Look no further for the ins and outs of the current market in the Bay Area. Known for sprawling steep hills, foggy summer days, and eccentric architecture, Northern California is a desirable place to live and work, but does this desire make up for the not-so-ideal housing market?
For Homeowners
If you’re currently a homeowner in the San Francisco real estate market, you may have a one-up if you’re thinking about selling. Learn how to sell your house as is, and sell it fast with a network of cash buyers in San Francisco. If you’re considering home renovations, know that costs of remodeling in the Bay Area exceed national averages, but so does the return on these renovations.
A double-edged sword that may be worth your while financially. Like much of the country, the real estate market in San Francisco is considered a seller’s market. This means that inventory is notoriously low, and subsequently, buyers are paying top dollar for properties. Plus, the listings that are available are selling extremely fast at record speeds.
In 2022 so far…
- Median home value: $1.5 million
- New listings are down 27.8-percent year-over-year
- Active listings are down 40.9-percent year-over-year
- Homes sold up 13.7-percent year-over-year
- Median days on the market down 6.6-percent year-over-year
These market stats tell us that if you’re thinking of selling your property in San Francisco now is a great time to head to the closing table.
2022 Trends
In the wake of the COVID-19 Pandemic, the San Francisco housing market is seeing varying effects. The Bay Area has seen a large migration of residents during the Pandemic due to the newly found ability to work from home. This is allowing residents to move to less expensive neighborhoods in an area that is notorious for high real estate and rent prices.
This migration due to the lacking need to be within proximity to work created a small dip in housing prices a few years ago, but demand has driven prices back up and experts don’t see these values dropping anytime soon.
Silicon Valley continues to be the main catalyst for sought-after demand in the area, which is helping to keep property values high.
Home Prices
As stated above, the median home price in San Francisco is around the $1.5 million mark. This makes the average home prices in this area nearly $1M more than the median home price in the rest of the country.
Home prices have more than doubled since the depths of the last recession, which is a sign that values are worth the price when considering demand and buyer desirability. This means that despite the high prices for property, the San Francisco area offers large margins for profit.
We hope you’ve found this brief recap of the real estate market in San Francisco, California enlightening and helpful when deciding if now is the right time for you to make a property-related transaction.
