Hot Market, Cool Listings: SF Real Estate July 2024

Here's the latest on SF real estate, first published in our July 2024 Vivre Real Estate newsletter.

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SF Real Estate Market Warming Up

This summer, San Francisco narrowly avoided a massive heatwave that drew flocks of tourists to the city.

But it seems the market didn’t get the memo, because SF real estate is heating up! 🌶️

In spite of stubborn mortgage rates, the San Francisco housing market has shown remarkable resilience, especially in the luxury segment. In Q2, sales of SF homes over $3 million jumped nearly 30% compared to last year, while those over $5 million skyrocketed more than 50%. (It's no coincidence that stock markets are currently near record highs.)

Some SF Real Estate Prices Are Rising

Overall, median house prices rose a hearty 6% year-over-year in Q2, though condos saw a slight 2.5% dip. Inventory remains tight, as usual, with a modest 3% annual increase in homes for sale as of July 1. This scarcity is fueling more bidding wars, with overbidding at its highest and sales at their hottest pace in 2 years.

With mortgage rates cooling and a potential rate-cut on the horizon, these trends are likely to continue.

Speaking of staying cool, we have a special new listing coming soon in the Mission—a certified Passive House condo that basically runs itself! (And honestly, guilt-free A/C barely cracks the top 10 features.) Scroll below for more details.

As always, please feel free to reach out with any questions. We are happy to help you and anyone you send our way.

NEW LISTING

2860 Sacramento St

Pacific Heights Modern Victorian Penthouse Condo

3 BD | 2 BA | 1894 FT²

• A++ Pacific Heights location near Fillmore Street and Alta Plaza Park
• Walk Score: 96, a “Walker’s Paradise” per WalkScore.com
• Spacious top-floor, full-floor flat of a Queen Anne Victorian c.1900
• Modernized and high-end  while preserving period charm
• Open-concept chef’s kitchen and family room with breakfast nook
• Shared backyard oasis and enormous basement (potential for home office, gym and storage)

2860Sacramento.com

COMING SOON

685 Florida St #2

Award-Winning Passive House Luxury Mission Condo

3 BD | 2.5 BA | 1752 FT²

• First resale at Sol Lux Alpha, California’s first Passive House certified project
• Luxurious, bright, modern 3 bed, 2.5 bath home with exceptional quality finishes
• Incredible energy efficiency, EV and smart-home features
• Spacious common roof deck with sweeping city views, shaded by solar roof
• Fantastic central Mission location near restaurants, shops and transit

685Florida.com

More to Explore - SF Real Estate and Beyond

Sam Altman Sues Over San Francisco $27M ‘Lemon’ Mansion Sale - SF Standard

Some Home Buyers Are Betting on a Downtown San Francisco Comeback - Mansion Global

The Bay Area's population is getting older - Axios San Francisco

Americans are Paying A Lot More For Their Homes in Swing States Since the 2020 Election - Mansion Global

Have a question about SF real estate? Reach out to our team of top San Francisco real estate agents to discuss your personal situation and see if we're a good fit to work together. We're happy to help. Contact us here.