San Francisco Real Estate Market Update: November 2024 Insights and Key Trends
It’s time for November’s deep dive into San Francisco’s real estate market. Whether you’re buying, selling, or just keeping an eye on the market, this month’s trends highlight some fascinating shifts across high-end homes, condos, and interest rates. Let’s break it all down so you can stay ahead of the curve.
Mortgage Rates Are Evolving—What This Means for Buyers and Sellers
Let’s start with mortgage rates, which play a crucial role in shaping the real estate market. As of November 7, 2024, the average 30-year fixed-rate mortgage stands at 6.79%. This is a significant decline from the peak of 7.8% in late October 2023, providing some relief for buyers navigating higher borrowing costs this year.
While these rates are still elevated compared to pre-pandemic levels, the recent dip is a positive sign for both buyers looking to jump into the market and sellers hoping for increased buyer activity.
San Francisco Home Values: Stability Returns Post-Pandemic
The long-term value trends for homes and condos in San Francisco paint an interesting picture. Over the last year, median home prices have stabilized below the 2022 peak. As of October 2024, the median home price was $1,630,000, showing a modest 2% increase year-over-year.
For condos, the median price rose 5.5% year-over-year to $1,140,000, though this remains below the high seen in 2022 (Slide: San Francisco CONDO Price Trends). Historically, condos have appreciated more slowly than houses, and this trend continues, especially as buyers place more value on space and privacy post-pandemic.
Seasonal Trends: Listings and Sales Volume Surge in September, Then Decline
As always, the San Francisco real estate market reflects clear seasonal patterns. New listings surged in September 2024, marking their annual peak, before declining sharply in October. This cycle mirrors what we’ve seen in previous years, with inventory expected to tighten even further as we move into November and December.
Despite the seasonal drop in listings, monthly home sales volume in October 2024 rose 19% year-over-year and year-to-date sales volume is up 11% compared to 2023. Houses accounted for 53% of October’s sales, while condos, co-ops, and townhouses made up the remaining 47%, showing a balanced demand across property types.
Active Listings: Where the Market Stands Now
As of October 31, 2024, there were 1,229 active and coming-soon listings in San Francisco across all property types. The median asking price for houses is $1,695,000, while condos are listed at a more affordable median of $998,000.
For luxury buyers, there are 15 houses, 2 condos, and 3 co-ops currently listed above $10M, including 8 listings priced over $20M. These numbers highlight the continued interest in ultra-luxury properties despite higher mortgage rates.
What This Means for Buyers and Sellers
The San Francisco luxury market continues to adapt to shifting conditions, with mortgage rates and seasonal inventory playing pivotal roles. For buyers, the recent dip in mortgage rates and stabilizing prices offer an opportunity to step into the market with less competition during the slower winter months. For sellers, pricing strategically and understanding the current buyer pool remains essential to capturing interest.
As always, I’m here to guide you through the nuances of San Francisco’s real estate market, whether you’re planning your next move or just curious about where things are headed.
Stay tuned for more updates next month, and don’t hesitate to reach out with any questions or if you’d like to discuss your real estate goals.
