San Francisco Market Update

San Francisco's housing market did not just have a strong May. It continued a run of strength that has now defined the year.

After six months of elevated buyer demand, tight inventory, and fast-moving listings, May reinforced that this market has shifted. The early-year momentum has not faded. Competition remains strong, closed sales are rising, and sellers continue to see standout results across both single family homes and condominiums.

Single family homes remain the most competitive segment. The median sales price rose 22.2% year over year to $2,200,000, while the median price per square foot increased 12.9% to $1,193. Sellers received 124.9% of list price on average, and 83.8% of homes sold over asking. Closed sales also increased 18.7%, even as month-end inventory fell 20.5%. Pending sales declined 10.2%, though that understates demand as more homes are trading before full public exposure.

The condominium market also continued to strengthen. Closed sales rose 21.7% year over year, pending sales increased 10.3%, and month-end inventory fell 24.1%. The median price per square foot climbed 12.9% to $1,153, while the median sales price increased 2.6% to $1,325,000. Condos also moved faster, with median days on market falling by six days to 15 days.

The most striking condo metric is competition. In May, 59.3% of condominiums sold over list price, up 35.4% from last year, while sellers received 107.8% of list price on average. That is a meaningful shift from the more uneven condo environment of recent years and shows buyers are re-engaging when the product, location, and pricing are right.

Overall, May reinforced what agents and clients have been feeling on the ground for months: San Francisco is in a sustained, competitive market. For sellers, preparation and pricing are being rewarded. For buyers, the market still offers opportunity, but hesitation has become more expensive. The tone heading into summer is confident, active, and increasingly constructive.