San Francisco, CA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in San Francisco? ›

In the San Francisco and San Jose metropolitan areas, the typical home value dipped by about 12% from June 2022 to April 2023. But San Jose's home values are gaining again — the metro recorded a 9% bump from March 2023 to March 2024.

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.

As of Jun 12, 2024, the average annual pay for a Real Estate Agent in San Francisco is $99,017 a year. Just in case you need a simple salary calculator, that works out to be approximately $47.60 an hour. This is the equivalent of $1,904/week or $8,251/month.

San Francisco, CA housing market

The median listing home price in San Francisco, CA was $1.2M in May 2024, trending down -7.8% year-over-year. The median listing home price per square foot was $962. The median home sold price was $1.1M.

In summary, forecasts for Bay Area home prices in 2024 vary, with some experts predicting slight declines and others forecasting moderate increases. The predictions are influenced by a mix of factors, including mortgage rates, economic conditions, housing inventory, and local market dynamics.

A report released today by the Budget and Legislative Analyst's office found that San Francisco had more than 61,000 vacant homes in 2021, or about 15% of all housing units.

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.

In some Bay Area cities, residents need to earn well over six figures to afford a comfortable lifestyle. A recent analysis from ConsumerAffairs reveals that San Francisco residents need a minimum salary of $131,050, while San Jose residents must earn at least $124,292, and Fremont residents require $117,339.

$200k in SFBA is well beyond the point where all your basic needs are met. The fact that you have have to stipulate that one can live without roommates and "all basic needs are met" with a $200,000 salary proves the OP's point. That's more than 6 times the median annual income in the US.

Why is San Francisco real estate so expensive? ›

Years of insufficient housing production coupled with a booming economy have finally caught up to the city; Stringent regulations for development make building any kind of housing difficult and time-consuming; A democratic public process that gives everyone a voice; The city has a strong anti-growth culture.

The highest-paying states for real estate brokers

According to GlassDoor, the top five states with the highest real estate broker salaries are New York, California, Nevada, Iowa, and Arizona. Commissions can vary based on city, market, property type, sales volume, and experience levels.

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.

Presidio Heights

Stylish Presidio Heights is the most expensive neighborhood in San Francisco, with an average rent for a one-bedroom unit coming in at $4,500. There are plenty of reasons why this neighborhood draws residents. The tree lined streets showcase stately historic mansions.

The average San Francisco home value was $1,216,087 as of December 31, down 5.6 percent from a year before, according to data from Zillow. Redfin writes that the median sale price of a home in the city dropped even lower, down 7.6 percent from a year before.

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.

According to a recent report by Apartment List, as of August 2023, San Francisco's rents have decreased by over 4% compared to the previous year, and the entire Bay Area has experienced a dip in prices.

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.

As part of an effort to build more affordable housing throughout California, the state ordered San Francisco to add 82,000 units of housing by the year 2031. If the city doesn't, it could lose hundreds of millions of dollars in state funding for affordable housing and transit.