Summary
The San Francisco housing market is experiencing rapid growth, with home sales increasing much faster than the national average. In contrast, the U.S. housing market is generally slowing down, but specific areas in California, including San Francisco, San Jose, and Oakland, have homes selling quickly. This change is partly due to a rise in tech worker income and return-to-office trends.
Key Facts
- San Francisco home sales rose by 17.1% in September compared to last year.
- San Francisco homes go under contract in about 21 days, much faster than the U.S. average of 50 days.
- Pending home sales nationwide rose by less than 1% during the same period.
- San Francisco, San Jose, and Oakland are the top three U.S. metros with the fastest home sales.
- Home prices in San Francisco and Oakland dropped, while San Jose saw a price increase of 6.9%.
- Return-to-office orders and higher incomes for tech workers are boosting the market in the Bay Area.
- Median home prices in San Francisco and San Jose remain around $1.5 million.
