San Francisco has seen some dramatic shifts in real estate over the past year. Rental prices have increased by 30% over the past 2 years with the average rental costing $2,663. Homes for sale have increased in price by 32% compared to sales in April 2012. The housing demand is predicted to continually increase over the next 20 years with the addition of 150,000 people coming here for jobs. So if you live in SF you might want to buy now or you may pay for it later!
Single Family Homes
Median Sales Price: $1,000,000
Days on Market: 27
One area experiencing the greatest growth is known as District 9, which includes Portero Hill, Dog Patch, Inner Mission and Mission Bay. The Inner Mission neighborhood has become a popular area for young tech professionals. The median price for a home has increased by 33% from last year with a median price of $1 million dollars.
Median Sales Price: $850,000
Days on Market: 31
One area in the city that seems to be a hot commodity for condos has been District 1. Specifically the neighborhoods of Richmond and Sea Cliff, located just south of the Presidio. The inventory has decreased by 60% over the last two years. The median price for a condo in the district reached $810,500 in April 2013.
The California Association of Realtors (C.A.R) reported CA home sales and prices experiencing strong increases in April with the median price surpassing the $400,000 mark for the first time in 5 years! The average days on market also has decreased to 27 days compared to 48 days in April 2012.
According to the SF Gate rental rates have seen a dramatic shift as well. Studio apartments increased in price by 16.5% from the previous year with the average of $2,075/month. The average one-bedroom, one bath apartments are now $2,611/month which is 20% higher than the previous year and 30% higher than two years ago.
*Data collected from the San Francisco Association of Realtors.