San Francisco’s December Luxury Market Report
I’m excited to bring you the latest insights into San Francisco and Bay Area luxury real estate as we close out the year. There’s been a lot happening in the market, from new trends to significant shifts, and I’m here to give you a behind-the-scenes look at the numbers and what they mean for you.
The Highest-Priced Listings Across the Bay Area
The luxury market is buzzing with activity, and some truly remarkable homes are currently on the market. The highest-priced listing this month? $110,000,000 in Woodside, San Mateo County—an extraordinary property. San Francisco’s priciest listings continue to center in Pacific Heights, with a top listing at $32,000,000. It’s worth noting that competition remains strong in premium neighborhoods across Marin, Napa, and the Monterey Coast.
If you’re curious about what makes these homes stand out or looking for something special, let me know—I’d love to show you around!
What You Get for Your Money: Large Home Sales Breakdown
This year’s data shows some fascinating trends for homes with 4+ bedrooms, 4+ bathrooms, and over 4,000 square feet. Here are the highlights:
San Francisco: Median price of $6.8M at $1,306/sq. ft. on smaller lot sizes (0.1 acre).
San Mateo: A close second with a $6.675M median price and higher $1,437/sq. ft., reflecting its competitive market.
More space for your dollar: Counties like Napa and Sonoma offer larger homes on expansive lots (2+ acres) for under $4.3M.
If you’re looking for a large home, your options vary greatly depending on location, acreage, and price point.
Key Market Trends: Luxury Home Sales
We continue to see the luxury market thrive, influenced by a mix of factors:
Stock Market Growth: The late 2023 and 2024 rebound in household wealth has fueled demand, especially among affluent buyers.
Seasonality: Sales typically spike in spring and fall before quieting in mid-summer and during the holidays. This pattern was clear again this year.
AI Boom & Economic Optimism: The Bay Area continues to benefit from growing confidence in tech and economic recovery, keeping our luxury market resilient.
For buyers, this means opportunities remain strong, but timing matters.
San Francisco Luxury Market: Houses Selling for $5M+
2024 has been a strong year for high-end homes in San Francisco. YTD sales are up 35% year-over-year, with activity spiking in spring and again this autumn. Luxury houses saw a big boost in April and October, reinforcing the seasonality trend.
It’s great to see buyers returning to the market with confidence. If you’re considering buying or selling in 2024, the spring season will likely bring another surge in activity.
Condo & Co-op Market: Units Selling for $2.5M+
Luxury condos and co-ops are back in demand! YTD sales have surged 47% year-over-year, with October 2024 marking the highest monthly count in two years. If you’re looking for a turnkey lifestyle with less upkeep, now is an excellent time to explore this segment.
Looking Ahead
As we head into the new year, I’m keeping a close eye on interest rates, inventory, and the market’s response to economic changes. The luxury market remains strong and full of opportunities.
If you’re curious about these trends or thinking of making a move, let’s chat! I’m always here to help you navigate San Francisco’s dynamic luxury real estate market.
Wishing you a happy and successful December!
Warmly,
Marina
