As San Francisco real estate agents since 2002, we've seen our share of ups and downs and recovery in the city. The Great Recession, the COVID pandemic, tech booms, tech busts, remote work, crime, homelessness—the headlines haven't always been kind. But we’re here to tell you: don't count us out just yet.
In fact, now might be the best time in years to buy San Francisco real estate.
Why? A recent Bloomberg article put it well: Want Good Value on a Home? Check Out San Francisco.
(If you hit a paywall, try this archive link. 🤫)
The premise of the author, Conor Sen, is simple—while SF real estate is never cheap in absolute terms, it's a relative bargain now compared to the prices of the past.
The pandemic exodus, remote work, crime, homelessness—those were tough times for San Francisco, no doubt about it. But the data shows the worst is in the rearview mirror:
As top SF realtors—from Noe Valley and Bernal Heights to Pacific Heights, SoMa and downtown’s high-rise condos—we’ve seen the San Francisco real estate recovery firsthand. Open houses are getting busy again. Bidding wars are back (for better or worse) among many property types and neighborhoods. The energy and optimism that makes San Francisco special is returning. Or perhaps being rediscovered.
It's not just that the worst is behind us. There are major potential catalysts on the horizon that could further boost the San Francisco luxury real estate market:
Longtime observers and San Francisco residents, including us, believe the city is on the cusp of another renaissance. (When hasn't that been true in SF though?)
Let's be real: real estate in San Francisco will never be cheap. This is one of the most desirable, innovative, creative cities in the world. And it’s just seven-by-seven miles wide. There's only so much land to go around!
But compared to the skyrocketing prices of late 2020 to mid 2022, SF home values are looking downright reasonable. Looking at the Case-Shiller national home price index, the Bloomberg author found that the price gap between SF and the overall US market hasn't been this low since 2013. Even at the depths of the dot-com bust in 2003, the ratio was similar to today's.
So if you've been waiting on the sidelines for the right time to invest in San Francisco real estate, this period of recovery might be your moment! Or maybe it doesn't align with your long-term plans. Real estate is always deeply personal. Your family and financial situation are priority #1. However, if you are mulling a move, there are some compelling reasons to consult with a top San Francisco luxury real estate agent and explore your options today.
San Francisco has been through a lot, it's true. But at its core, the soul of the city remains unchanged. The bridges, the fog (Carl), the Victorian "Painted Ladies", the quirky characters, the dreamers and schemers and idealists–they're still here. They never left.
As top San Francisco real estate agents, our job is to help enhance your home life, whether you are buying or selling or both. When the time comes for your next move in San Francisco luxury real estate, give us a call. We'd love to show you around and share some stories over a coffee or a scoop of Bi-Rite ice cream. 🍦
At the end of the day, that's what makes San Francisco special—not the price per square foot, but the people, the place, the spirit of a city that knows how to take a punch and keep on swinging. Who knows what’s next? San Francisco is the comeback kid, and it's just getting started.
Got a question about San Francisco real estate, or want to buy/sell and see if we’re a good fit to help? Reach out and start the no-pressure conversation. We’re happy to hear from you. Contact us here.
