‘Absolutely bananas’: San Francisco homes sell for $1m above asking price amid AI boom
Summary
In the first half of 2026, many homes in San Francisco sold for over $1 million above their asking price due to high demand linked to the AI industry boom. This surge in home prices is related to big tech companies preparing to go public, causing a rise in wealth and increased competition for housing.Key Facts
- Over 140 homes in San Francisco sold for at least $1 million above asking price in early 2026.
- In June 2026 alone, 44 homes sold for more than $1 million over asking price.
- This is a big increase compared to only 8 homes during the same period in 2025.
- The median price for single-family homes rose from $1.7 million to $2.2 million year over year.
- Housing inventory (the number of homes for sale) dropped about 45%, causing buyers to compete more.
- AI companies like OpenAI and Anthropic, based in San Francisco, are planning big stock market launches valued near $1 trillion.
- These launches are expected to create many new millionaires in the city.
- Other tech cities have not seen this level of home price growth or overbidding.
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