San Francisco Real Estate Market
The San Francisco Metro housing market is one of the most competitive in the nation. With its sprawling cityscape, vibrant culture, and high-tech industry, it’s no surprise that the Bay Area is a hotbed for real estate.
San Francisco Median Home Price
The median days on the market for a home in the San Francisco Metro area is 46, and the median list price is a staggering $1,034,500. That’s more than double the national median list price of $477,000. Despite this high cost of entry, the demand for real estate in the area is still high, with homes often receiving multiple offers and regularly selling for more than their list price.
The San Francisco Metro area has seen an influx of both domestic and international buyers, attracted by the area’s strong job market and its reputation for being a great place to live. This influx of buyers has led to a decrease in the inventory of available homes, with the number of homes for sale in the area falling by nearly 40 percent from June 2019 to June 2020.
The high cost of entry and low inventory has led to bidding wars for homes in the area, with some buyers offering well above the asking price in order to secure a house. That said, the market is still relatively stable and well-priced homes can still be found.
The San Francisco Metro housing market is a unique and competitive market, but with the right approach and patience, buyers can still find the home of their dreams in the Bay Area.