Welcome to your official 2024 San Francisco real estate market recap, presented by the top SF agents at Danielle Lazier Real Estate.
If you’re curious about San Francisco housing trends or in the midst of planning your next move, our goal is to provide a clear, data-driven picture of the 2024 market.
Founded in 2002, Danielle Lazier & Vivre Real Estate combine more than 23 sequential years (and counting) of San Francisco real estate market expertise with a friendly, client-focused attitude. Feel free to meet our SF real estate agents and the folks behind the scenes on our About page.
Long story short: We’re passionate about helping you succeed in San Francisco’s complex and competitive housing market. OK, on to our 2024 SF real estate market recap!
Overall, the San Francisco housing market in 2024 continued on an upward path of recovery and resurgence, with median house prices rising about 4% and median condo prices inching up around 1% from 2023. These gains show a healthy and accelerating recovery, though home sale prices in San Francisco still track below the boom peaks of 2021–2022. Even so, the perennial demand for SF Bay Area properties remains strong.
⚠️ Note: The charts below display a 12-month rolling average for a smoother long-term overview.
For an inside look at San Francisco’s many neighborhoods and their distinct personalities, you can always explore our San Francisco Neighborhoods page.
New listings in San Francisco climbed by about 5.5% in 2024, a sign of renewed seller activity without hitting historic highs.
Sold listings and sales volume (the dollar amount of San Francisco real estate sold) jumped around 11.5% from 2023, another significant gain though still trailing long-term averages.
More sellers were willing to test the waters, and many listings sold faster than last year, reflected in a 15% decrease in days-on-market for San Francisco homes in 2024.
If you’re thinking of selling your home in San Francisco and want to maximize your sale in our competitive market, start with our resources for sellers.
Fueled by a robust stock market and an influx of tech investment, luxury home sales over $5M posted an impressive rebound last year. After dipping in 2023, the city recorded 115 high-end transactions in 2024, not far behind 2022’s total of 120, and back on its way to approaching the record-high of 199 such sales in 2021.
For an in-depth look at some of the most notable luxury sales by district this year, see our post: The High-Low Report: San Francisco's 2024 Most Notable Sales by District 📈
In 2024, inflation ticked down from 3.1% to 2.7%, while the Federal Reserve made several rate adjustments.
Mortgage rates fluctuated and ended the year a bit higher than they started, though buyer confidence remained steady.
Between the high cost of San Francisco real estate and still stubbornly elevated mortgage rates, affordability remains a challenge for many first-time homebuyers who do not have a substantial nest egg of existing home equity or another significant source of down-payment funds.
Even so, recent economic ups and downs have not largely dampened the demand for San Francisco properties, highlighting the city’s longstanding housing resilience—dating all the way back to the 1906 earthquake and fires.
The sales numbers for 2024 show that real estate in San Francisco is on the upswing, with hot neighborhoods like Hayes Valley leading the way.
If you’re looking to buy a home in SF and need some guidance on timing and financing, take a look at our resources for buyers and feel free to reach out personally with any questions.
Substantial stock market appreciation in 2024 added a boost of household wealth for many San Francisco homeowners and prospective home buyers. With fresh tech investment flowing into San Francisco—further fueled by the AI boom—things look promising for the local real estate scene.
We covered AI’s impact extensively in our post: How AI is Shaping San Francisco Real Estate 🤖
San Francisco’s real estate cycles remain fiercely seasonal. December traditionally sees slower activity, with a burst of energy when the new year begins. Buyer demand often surges earlier here than in many cities, while sellers can be slower to react, waiting to “see what happens” in the market.
The reality for San Francisco home sellers is that many of the year’s quickest, highest-priced sales happen in the late winter/early spring. As they say, "the early bird gets the worm."
Learn more about this phenomenon, and how sellers can take advantage of it, in our blog post: Best Time to Sell a Home in SF? Try Winter, Not Spring ❄️
Now that we know about 2024, what’s next?
While we don’t have a crystal ball to perfectly foretell the future, we like to share the trends shaping our market in an annual San Francisco real estate predictions blog post.
Check out the full article here: 2025 San Francisco Real Estate Market Predictions 🔮
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If you’re considering buying or selling a home in the San Francisco real estate market, we would love to learn more about your personal situation and how we can help. Contact us here to get started. We look forward to speaking with you!
