An elegant white clock featuring 'DANIELLE LAZIER REAL ESTATE LOGO' on a sleek black background.Vivre Real Estate logo

San Francisco Population Growth & What it Means for Real Estate

May 7, 2025

As headlines note the city’s population growth and recovery, what does that mean for San Francisco real estate? 


After years of headlines about San Francisco's "mass exodus," the city is turning a corner. New data shows a significant rebound in population from its 2022 low, and San Francisco real estate activity has been picking up too. Within our team of top San Francisco Realtors, we're seeing how these related trends are shaping the local housing market.

The History of San Francisco Population Shifts

The story of San Francisco's population has always been one of booms and busts. From the Gold Rush to the tech boom(s), the city has repeatedly drawn scores of hopeful newcomers looking for opportunity.

San Francisco Population by Decade
San Francisco’s population by decade since 1850 - Data: U.S. Census Bureau

According to St. Louis FRED data, San Francisco’s population actually peaked before the COVID pandemic, at 879,676 in 2018. The population then fell from 874,826 in 2020 to a low around 815,000 in both 2021 and 2022.

Then it started climbing again... and was soon back to 827,526 as of 2024. That puts the city’s population only 6% below its 2018 record high, having regained ~1.5% in the last two years, and now growing at an increasing rate.

This historic context matters because population drives housing demand. Our team at Danielle Lazier Real Estate keeps track of these trends to provide clients with market insights beyond simple listing data.

Immigration Drives San Francisco's Population Recovery

As reported by Axios, the latest Census data reveals that international migration is powering San Francisco's comeback. While the SF metro area experienced domestic outmigration of approximately 326,600 people from April 2020 to July 2024, international migration added about 179,000 residents during the same period, making up for more than half the losses.

Natural population growth (births minus deaths) contributed another 48,000 'new arrivals'. 👶 Net result, the San Francisco metro area grew by about 1% between July 2023 and July 2024, adding about 39,000 residents.

This influx of international talent strengthens the city's workforce and creates new demand for housing across the city’s diverse San Francisco neighborhoods. Areas with strong international communities are seeing particularly robust activity.

immigrant arrives to san francisco representing population growth and real estate demand by top sf realtor agents Danielle Lazier Vivre (1)
Recent data shows that immigration is driving a significant part of San Francisco's population growth.

San Francisco Housing Market, Tracking the Recovery

The relationship between population and real estate tracks closely together in recent sales data:

  • Annual home sales (12 months ending Dec) peaked in 2021 at 6,853 closed sales
  • Sales declined as mortgage rates increased in 2022
  • Reached a low of 3,536 annual closed sales in December 2023
  • Climbing steadily through 2024-2025, now exceeding 4,000 annual sales

San Francisco Closed Home Sales (House, Condo & TIC) 2015-2025:

Related Posts

Yelp logo
296 reviews
View All
Zillow logo
189 reviews
View All
Danielle Elazier Realtor on Google My Business- image of Google my business logo
133 reviews
View All

WORK WITH US

Are you looking to buy a luxury home or sell your exclusive property? Our top real estate team specializes in luxury condos, estates, and high-end properties. With years of experience navigating the competitive luxury real estate market, we offer personalized guidance every step of the way.

Contact us today for a complimentary consultation. Whether you’re looking for luxury homes for sale or need help listing your exclusive property, our top-rated realtors are here to help. Find your dream home or achieve your sales goals with the best real estate agents!
Contact Me

SIGN UP FOR OUR NEWSLETTER

Stay informed with our twice-monthly email updates, featuring market insights, new listings, and local news. Subscribe to receive the latest in San Francisco luxury real estate and more. We respect your privacy and never share your information.
R-E Newsletter

Danielle Elazier botanical illustration - 3 different California poppy flower branches. Black and white with line art
WATCH DANIELLE’S LATEST VIDEOS

DISCOVER LUXURY LIVING IN SAN FRANCISCO

YouTube Channel
View Full Street Address SAN FRANCISCO, CA 94114 (415) 528-7355 ©2025 VIVRE REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT, OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED AND SHOULD BE INDEPENDENTLY REVIEWED AND VERIFIED.
hello world!
enteruserclockmagnifiercross