San Francisco CA Newest Real Estate Listings | Zillow (2024)

FAQs

Are housing prices dropping in San Francisco? ›

While home prices dipped only modestly between late summer 2022 and spring 2023 during what experts called a "correction" of the housing market, San Francisco experienced some of the most dramatic price drops in the country.

San Francisco Housing Market Trends

What is the housing market like in San Francisco today? In May 2024, San Francisco home prices were up 0.2% compared to last year, selling for a median price of $1.4M. On average, homes in San Francisco sell after 22 days on the market compared to 28 days last year.

Buying conditions are more than favorable in San Francisco today, as home prices continue to decline, inventory on the market keeps increasing, and competition is balancing out.

The number of vacant homes skyrocketed from 40,000 in 2019 to over 60,000 in 2021 — a 52 percent increase in just two years, according to the report. That means that an estimated 15 percent of all homes in San Francisco are empty, by far the highest rate among major cities in the country, the report found.

Bay Area Home Price Forecast in 2024

Such a trend, if it continues, could potentially put upward pressure on home prices across the San Francisco Bay Area. The Real Deal, referencing Zillow's forecast, expects a decline in home prices in the San Francisco metro areas by 2.7% over the next year.

The area's job market has been improving in 2024, with an addition of 1,900 jobs in San Francisco and San Mateo counties between February and April. Unemployment has dropped back to 3.4%, down from 4.0% in January. Government are other bright spots, while tech job losses are continuing.

San Francisco has lost about 7% of its population since the pandemic. A lot of people that moved out due to just being able to work from anywhere. There are some people who moved out based on taxes – especially very, very high income earners.

The median salary in San Francisco, CA is $104,400, with 80% of salaries falling between $45,240 and $195,750. Salaries in San Francisco, CA are generally above the national average.

A: San Francisco is a good place to live, especially for those who enjoy mild weather, beautiful nearby hikes, and plenty of fun things to do. There are pros and cons of living in San Francisco, of course, which you'll want to be aware of before moving there.

You'll need to earn triple a $100,000 salary to live well in San Francisco. This tech-focused California city has a median household income nearly double the national average. Living expenses cost 82.8% more than the national average, making it a pricey place to live.

What is the average income to live comfortably in San Francisco? ›

A new report details exactly how much money you need to earn in order to live comfortably in the Bay Area's largest cities. "San Francisco tops the list in the Bay Area at $131,000," Rebecca Sowell with Consumer Affairs said.

In San Francisco, an income of $339,864 is needed to comfortably afford a mortgage in the city, according to Zillow. The real estate marketplace company in its analysis found the income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time.

The city tallied 7,754 homeless people, marking a 3.5% overall drop from 2019 and a 15% drop in unsheltered homelessness, meaning people living on the street, in tents or in vehicles. Breed touted the data as proof that her approach to homelessness was working.

The Empty Homes Tax was approved by San Francisco voters on November 8, 2022 and became effective on January 1, 2024. Generally, it imposes a tax on keeping certain residential units vacant for more than 182 days in a calendar year. Filing and payment will begin for most people in 2025.

Strict zoning regulations are a primary cause behind the housing shortage in San Francisco. Historically, zoning regulations were implemented to restrict housing construction in wealthy neighborhoods, as well as prevent people of color from moving into white neighborhoods.

Meanwhile, San Francisco rents still remain well below their pre-pandemic levels. SocketSite points out that SF rental prices are currently down 17% from pre-pandemic levels, and down 22% since their peak in 2015.

The demand for housing is much higher than the supply. And it is hard to build housing in the counties surrounding San Francisco Bay because most of the area consists of water and mountains. The urban/suburban area has expanded as far as it can.

Strict zoning regulations are a primary cause behind the housing shortage in San Francisco. Historically, zoning regulations were implemented to restrict housing construction in wealthy neighborhoods, as well as prevent people of color from moving into white neighborhoods.