San Francisco’s housing market remained highly competitive in October, with fewer available listings, faster sales and higher median prices. Single-family homes sold in an average of just 14 days, while more than two-thirds of condo sales closed above asking.
Single-Family Homes: Limited Choices, Fast Sales
Active single-family listings fell 20% from a year earlier to 222, the lowest October count since at least 2020. Supply dropped to 0.9 months, even as new listings increased 5%.
Of the 253 homes that closed, 86% sold above asking, the highest October share since at least 2020. Average days on market fell from 22 a year earlier to 14, the fastest monthly pace over that same period.
The median sale price reached $2,390,000, up 29% year over year and 16% from September. However, changes in the mix of homes sold can influence the median. These gains do not mean every San Francisco home appreciated at the same rate.
Condos: Strong Demand, More Price Adjustments
Condo inventory declined 24% year over year to 545 active listings, while supply fell to 1.9 months. The median sale price rose 12% to $1,344,500, and 68% of sales closed above asking. Both were the highest October readings since at least 2020.
Condos averaged 36 days on the market, down 16% from a year earlier. Yet price reductions became more common: 18% of listings had a cut, also an October high over that period. Competition remained strong, but some sellers needed to adjust their expectations.
What This Means for Buyers and Sellers
Buyers faced limited choices and frequent overbidding, particularly for single-family homes. Sellers benefited from those conditions, although rising price reductions show that thoughtful pricing still matters.
Citywide figures provide context, but they cannot determine an individual property’s value. If you are considering buying or selling in San Francisco, I can help you understand what these trends mean for your next move.
