In San Francisco, the sales of 2-4 unit buildings during Q3 2024 exhibited a slight decline compared to the same period in 2023 and a more significant 21% drop from pre-pandemic levels, reflecting ongoing shifts in the real estate market. However, the median sales price for these properties rose by 7.5% year-over-year despite an increase in average building size, suggesting a complex interplay between market value and property characteristics.
This data from the NorCal MLS Alliance underscores the market's sensitivity to seasonal trends and broader economic conditions, highlighting the necessity for continuous monitoring and analysis.
Meanwhile, San Francisco's rental market has stabilized somewhat in 2024 following the dramatic fluctuations caused by the pandemic, with current rates still trailing behind early 2020 figures. The ongoing decrease in the city's population since the pandemic's onset continues to influence rental dynamics, exacerbating the challenges in the housing market. Detailed insights across various districts show a diverse range of outcomes in property sales, from high-value transactions in upscale neighborhoods to more modest figures in emerging districts, reflecting the heterogeneity of San Francisco's housing landscape and the varying factors that influence it, including location, building condition, and market timing.
San Francisco 2-4 Unit Building Sales Sales Volume, 2017 - Present, by Quarter
Closed sales typically reflect offers accepted 3 to 6 weeks earlier and are influenced by seasonal supply and demand trends.
In Q3 2024, sales volume decreased from the previous quarter and showed a slight year-over-year decline from Q3 2023. When compared to figures before the pandemic, the sales volume for 2024 has decreased by approximately 21%.
This data, reported by the NorCal MLS Alliance, is considered reliable but may contain errors and is subject to future revisions. All numbers are approximate, and the most recent figures may be adjusted based on late-reported activity.
San Francisco 2-4 Unit Building Values Median Sales Prices, by Quarter
Closed sales generally reflect agreements finalized 3 to 6 weeks earlier and are affected by seasonal supply and demand shifts.
This analysis examines the median sales prices of all 2-4 unit buildings sold quarterly. In Q3 2024, the median sales price increased by 7.5% year-over-year. However, the average building size rose by 16%, indicating a potential decrease in fair market value per square foot.
This data is sourced from the NorCal MLS Alliance and is regarded as reliable but may contain errors and is subject to adjustments. All figures are approximate and may be updated based on late-reported activity.
San Francisco Residential Rents
Average Asking Rent, 1994 - Present, Q1 Data Points (through 2020, then as labeled)
San Francisco's rental prices have shown mixed trends since the start of the pandemic. After a significant drop in 2020, rents fluctuated through 2022 and 2023 and stabilized somewhat in 2024, showing little change compared to the previous year. While rents have recovered from their lowest points during the pandemic, they remain well below the levels of early 2020. These estimates are based on Apartment List, Zillow, and Socketsite.com data.
San Francisco's population has decreased by just over 7% since the onset of the pandemic, impacting the rental market dynamics.
Unlike property sales, rental rate data lacks a centralized reporting system, making these numbers broad estimates. Various sources and methodologies have been used since 1994 to gather this data, which includes adjustments for free rent and other incentives. Thus, these figures should be seen as general indicators of rent trends rather than precise statistics. Data is considered reliable but may include errors and is subject to revision. All numbers provided are good-faith estimates and should be viewed as very approximate.
San Francisco Districts Breakdown for 2-4 Unit Building Residential Rents -
Average Asking Rent, 1994 - Present, Q1 Data Points (through 2020, then as labeled)
San Francisco's rental prices have shown mixed trends since the start of the pandemic. After a significant drop in 2020, rents fluctuated through 2022 and 2023 and stabilized somewhat in 2024, showing little change compared to the previous year. While rents have recovered from their lowest points during the pandemic, they remain well below the levels of early 2020. These estimates are based on Apartment List, Zillow, and Socketsite.com data.
San Francisco's population has decreased by just over 7% since the onset of the pandemic, impacting the rental market dynamics.
Unlike property sales, rental rate data lacks a centralized reporting system, making these numbers broad estimates. Various sources and methodologies have been used since 1994 to gather this data, which includes adjustments for free rent and other incentives. Thus, these figures should be seen as general indicators of rent trends rather than precise statistics. Data is considered reliable but may include errors and is subject to revision. All numbers provided are good-faith estimates and should be viewed as very approximate.
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