San Francisco Housing Market

Buyers returned aggressively in March as limited inventory collided with renewed tech-driven demand, pushing prices sharply higher.

A total of 852 homes sold during the month, an increase of 9.8% year over year, placing San Francisco among the top performers nationally for sales growth despite ranking fortieth in total transaction volume. Demand was strongest for single-family homes, where sales increased 13.5% year over year, while condo sales posted more modest growth of 2.7%. The local economy has reaccelerated, fueled by the artificial intelligence boom and renewed office leasing activity. Anecdotal evidence suggests that well-capitalized buyers, many of whom are using cash or stock-based wealth, are entering the market with urgency. This dynamic has translated into competitive bidding and a growing willingness to pay above-asking prices, particularly in desirable neighborhoods and at the higher end of the market.

Active listings totaled 2,438 in March, a decrease of 2.1% year over year, while inventory across the U.S. increased 10.7% over the same period. San Francisco ranked 40th nationally for active listings, underscoring how limited buyers' options are relative to other major metros. By property type, single-family inventory edged higher, but both townhome and condo listings declined year over year, further tightening choice in those segments. With very little new for-sale housing being built and many owners locked into favorable mortgage rates, supply has not kept pace with demand. As a result, market times have compressed, and multiple-offer situations have become increasingly common, reinforcing upward price pressure.

The median sale price in San Francisco reached $1,700,000, an increase of 12.4% year over year, compared with a 1.3% increase nationally. This marked the highest median price among the nation’s top 40 markets. Price growth was broad-based but most pronounced in the condo segment, where median prices increased 25% year over year, reflecting renewed interest in urban living and a shrinking supply of available units. Single-Family prices also climbed steadily, supported by intense competition and a growing share of all-cash transactions. With supply unlikely to expand meaningfully in the near term, pricing momentum in San Francisco remains firmly tilted to the upside.

The median home sale price in San Francisco increased by 12.4% in March compared to the same time last year, while the national median price rose 1.3%.

San Francisco's median home price rose by $187,500 year over year in March to $1,700,000. Meanwhile, the national median home price increased by $5,000 to $385,000.

San Francisco was the highest-priced housing market among the top 40 largest markets in March. The San Francisco median home price of $1,700,000 was 342% above the national median. San Francisco’s median home price in March is the highest on record.

The median price of San Francisco single-family homes rose $137,500 over the past year to $2,075,000. Annual price growth for San Francisco single-family homes was 7.1% in March, while the median townhome price grew 0.7% and the median condo price grew 25%.

The number of active listings in San Francisco decreased by 2.1% in March compared to the same time last year, while nationwide active listings rose by 10.7%.

San Francisco active listings fell by 53 year over year in March to 2,438 active listings. San Francisco ranked 38th on a percentage basis for the annual change in the number of homes for sale out of the top 40 U.S. markets in March.

San Francisco active listings fell over the past year and are now 31.2% above the March 2019 total of 2,491. For context, inventory of homes for sale stood at 1,274,931 for the nation as a whole in March, a 1.8% decrease from March 2019.

San Francisco single-family active listings grew by 6.8% to 1,310 in March. In comparison, townhome active listings fell by 7.5% to 147 and condo active listings fell by 11.2% to 981.

The number of home sales in San Francisco increased by 9.8% in March compared to the same time last year, while national home sales rose by 0.5%.

San Francisco home sales increased by 76 year over year in March to 852. For context, 776 sales closed in San Francisco in 2025.

San Francisco ranked third for the annual increase in home sales out of the top 40 U.S. markets in March on a percentage basis. This year's March increase of 9.8% compares to 11.3% year-over-year increase in March 2025.

San Francisco single-family sales increased by 13.5% year over year in March to 531 total sales. In comparison, townhome sales grew by 12.8% and condo sales grew by 2.7%.

For questions and commentary about this report:

Nigel Hughes, Senior Director of Market Analytics at CoStar and Homes.com, based in San Francisco, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Nigel Hughes

Senior Director, Market Analytics

Homes.com

nhughes@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in San Francisco during March 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.