|
|
May 2026 San Francisco House & Condo Markets
Market Outlook
|
|
|
|
|
|
|
|
|
May 2026
Housing Market Report
|
|
Positive Momentum Meets Economic Crosswinds
|
|
As we roll into May 2026, the housing market has (finally) turned in some positive momentum and the economy in general is showing some positive reversals of recent trends. Equities markets have surged to new highs. The long-sluggish labor market has shown some green shoots of improvement. Unemployment and initial jobless claims remain relatively low and in the latest data, hiring and job creation seem to have improved.
In this year’s housing cycle, we’re focused more on the hiring rate in the economy rather than the usual unemployment numbers. Since relocation-for-work is one of the big drivers of housing demand, a very low hiring rate in 2026 continues to be the biggest drag on housing demand after affordability. If companies are not hiring quickly, there are fewer people moving for work.
In March, the hiring rate data was as low now as the bottom or the pandemic shutdown. But in April the data rebounded to 3.5%. Continued growth in hiring will be important if home sales are going to grow meaningfully for the rest of 2026.
The negative news in this spring’s economy is around inflation. Energy costs, tariffs, and government spending are all contributing to rising prices. The war-driven uncertainty has driven energy prices sharply higher and the Inflation impacts are only just hitting the economy now.
Unfortunately, higher inflation and stronger employment is not the economic setup that tends to push interest rates lower. So don’t look to the Fed for interest rate relief any time soon.
An interesting question is whether a booming stock market is enough to move the needle on the housing market. We can see the AI boom directly in San Francisco home prices and rents, but it remains to be seen whether middle America feels a wealth boom from equities or a cash crunch from inflation, and how that impacts home buying activity through the summer.
I was in Austin last week for a Compass event. That market may be on the cusp of a turnaround, finally. After four relentless years with inventory climbing, the supply of homes on the market in Austin (Dallas too) is now below last year and ticking downward. Anyone in the Austin market knows that there have been home price pressures for several years, is this finally the inflection point? Stay tuned.
Mike Simonsen
Chief Economist
Compass International Holdings
|
|
|
|
|
|
|
San Francisco House Prices
|
|
Historical County Median Sale Price Trends
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
San Francisco Median PPSF
|
|
Historical County Median Sale Price Trends
|
|
|
|
|
|
|
|
|
The calculation of dollar per square foot is based on interior living space and doesn’t include garages, attics, basements, rooms built without permit, decks, patios or lot size (though all these can add value to the home).
|
|
|
|
|
|
|
|
|
Historical County Sale Trends
|
|
|
|
|
|
|
|
|
Closed sale trends reflect the number of completed real estate transactions over the past five years and provide insight into market activity, buyer demand, and overall housing market health across different time periods and seasonal patterns.
|
|
|
|
|
|
|
San Francisco New Listings
|
|
Historical County New Listing Trends
|
|
|
|
|
|
|
|
|
New listing trends reflect the number of properties entering the market over the past five years and provide insight into seller activity, inventory levels, and overall housing supply across different time periods and seasonal patterns.
|
|
|
|
|
|
|
|
|
Historical County Active Listing Trends
|
|
|
|
|
|
|
|
|
Active inventory trends reflect the number of properties available for sale at any given time over the past five years and provide insight into market supply, competitive conditions, and the balance between buyers and sellers across different time periods and seasonal patterns.
|
|
|
|
|
|
|
|
|
Historical County Days on Market Trends
|
|
|
|
|
|
|
|
|
Days on market trends reflect the median time properties remain listed before selling over the past five years and provide insight into market pace, buyer urgency, and whether conditions favor buyers or sellers across different time periods and seasonal patterns.
|
|
|
|
|
|
|
|
|
Historical County Sale to List Percentage Market Trends
|
|
|
|
|
|
|
|
|
Sold to list percentage trends reflect the ratio between final sale prices and original asking prices over the past five years and provide insight into market competitiveness, pricing accuracy, and whether conditions favor buyers or sellers across different time periods and seasonal patterns.
|
|
|
|
|
|
|
San Francisco House Prices
|
|
April Median HOUSE Sales Prices
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
San Francisco Median PPSF
|
|
April Median HOUSE $/Sq.Ft. Values
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
The calculation of dollar per square foot is based on interior living space and doesn’t include garages, attics, basements, rooms built without permit, decks, patios or lot size (though all these can add value to the home).
|
|
|
|
|
|
|
San Francisco Median SQFT
|
|
April Median HOUSE Square Footage
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
San Francisco Neighborhoods with Most House Sales
|
|
San Francisco’s Largest HOUSE Markets in April
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
San Francisco Days on Market
|
|
Average Days on Market to Acceptance of Offer in April
|
|
|
|
|
|
|
|
|
Lower days-on-market generally signify stronger buyer demand. It is not unusual for more expensive markets to have higher days-on-market readings, though this is not always the case.
|
|
|
|
|
|
|
|
|
Percentage of Listings Selling Over List Price in April
|
|
|
|
|
|
|
|
|
Higher percentages of sales over list price typically signify greater buyer competition for new listings, but this statistic can be distorted by strategic underpricing strategies by sellers and listing agents.
|
|
|
|
|
|
|
San Francisco Condo Prices
|
|
April Median Condo Sales Prices
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
San Francisco Condo Prices
|
|
April Median Condo Sales Prices
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.
|
|
|
|
|
|
|
|
|
April Median CONDO $/Sq.Ft. Values
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
The calculation of dollar per square foot is based on interior living space and doesn’t include common areas, parking spaces, rooms built without permit, storage rooms, decks or patios. All things being equal, a smaller unit will typically sell for a higher dollar per square foot value, but the floor a unit is on – and its views – can play a large role in condo values.
|
|
|
|
|
|
|
|
|
April Median CONDO $/Sq.Ft. Values
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
The calculation of dollar per square foot is based on interior living space and doesn’t include common areas, parking spaces, rooms built without permit, storage rooms, decks or patios. All things being equal, a smaller unit will typically sell for a higher dollar per square foot value, but the floor a unit is on – and its views – can play a large role in condo values.
|
|
|
|
|
|
|
|
|
April Median CONDO Square Footage
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Comparing median sales prices between neighborhoods is not apples to apples, since the median size of units (as well as many other characteristics) vary so widely. The median condo size for the entire city is 2 bedrooms, 2 baths, 1162 sq.ft.
Median unit size does not include storage, parking or outdoor space (deeded or not).
|
|
|
|
|
|
|
|
|
April Median CONDO Square Footage
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
Comparing median sales prices between neighborhoods is not apples to apples, since the median size of units (as well as many other characteristics) vary so widely. The median condo size for the entire city is 2 bedrooms, 2 baths, 1162 sq.ft.
Median unit size does not include storage, parking or outdoor space (deeded or not).
|
|
|
|
|
|
|
San Francisco Top Condo Sales
|
|
April Median Condo Sales Prices
Selected Neighborhoods
|
|
|
|
|
|
|
|
|
The character of condo buildings varies immensely between neighborhoods, from Victorian & Edwardian flats to towering, new high-rise projects – with many other styles built in between.
|
|
|
|
|
|
|
|
|
April Average Days on Market to Acceptance of Offer
|
|
|
|
|
|
|
|
|
Lower days-on-market generally signify stronger buyer demand, but there are various factors at play. Generally speaking, the house market has seen more heated dynamics than the city’s condo market, and thus lower days-on-market readings.
|
|
|
|
|
|
|
San Francisco Condo Sold/List%
|
|
April Percentage of Listings Selling Over List Price
|
|
|
|
|
|
|
|
|
Higher percentages of sales over list price typically signify more heated markets and greater buyer competition for new listings.
|
|
|
|
|
|
|
|
|
|
|
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 01527235, 01527365. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
|
|
|
|
|
|
|
