San Francisco Housing Market

By Nigel Hughes

Home sale prices in San Francisco rose $8,500 or 0.6% in January compared to the same month the prior year.

San Francisco home price growth closely matches the US

San Francisco’s home prices increased 0.6% year over year in January, closely matching the national gain of 1.3%. This places San Francisco 18th among the largest 40 U.S. markets for annual price growth on a percentage basis.

San Francisco’s home prices increased by $8,500 in January

On a dollar basis, San Francisco ranks 14th among the top 40 markets, with average home prices rising $8,500 in January compared to a national increase of $4,900. Growth was driven primarily by detached homes, which rose by $127,000, or 7.7%.

San Francisco remains the second most expensive major market in the country

Despite slow appreciation, San Francisco remains the second-costliest major U.S. market. The median home sale price reached $1,372,500 in January, ranking just behind San Jose, which had a median price of $1,402,500. The median price in San Francisco remains more than 3.6 times the national median price of $374,900.


Infographic comparing SF (Price $1,372,500; +0.6%) to the U.S. average ($374,900; +1.3%) with rankings for price, growth rate, and dollar change. Shows SF’s high-price, low-growth profile.
San Francisco remains one of the nation’s most expensive markets, though its growth rate trails the U.S. average.


Line chart showing San Francisco home sale prices from 2018–2026, ranging from $0 to roughly $1.8M, with prices rising over time and peaking in the most recent years. Source: Homes.com.
Home prices in San Francisco have climbed steadily in recent years, reaching some of the highest levels in the 2024–2026 period.


Line chart illustrating yearly dollar changes in home prices from 2018–2026, with swings from +$300K to –$200K, settling to modest changes in the latest years.
Annual dollar gains have normalized, with recent years showing smaller increases and occasional slight declines.


Area chart showing annual percent changes in SF sale prices from 2018–2026, ranging from +25% peaks to small positive/negative recent values. Indicates stabilization in the most current period.
After significant swings in earlier years, annual price changes have recently trended toward stability near zero.


Bar chart showing January sale prices from 2018–2026, ranging roughly from $1.05M to $1.405M, with dips around 2021–2022 and upward recovery through 2025–2026.
San Francisco January home prices have rebounded in recent years, returning to levels above $1.35M.


Bar graph charting San Francisco’s January percent change from 2018–2026, ranging from above +20% in earlier years to about +0.6% most recently, illustrating cooling volatility.
January price growth has fluctuated over time but recently stabilized around near‑zero change.


Bar chart of January sale prices across metros: San Jose ($1,402,500), San Francisco ($1,372,500), followed by other major markets descending to $225,000. Shows SF’s position among national price leaders.
San Francisco remains one of the highest‑priced metros, ranked just below San Jose.


Bar chart comparing year‑over‑year January home price change across major U.S. cities. Philadelphia leads (+8.6%) while San Francisco shows slight growth (+0.6%). Values range from strong gains to moderate declines.
San Francisco’s January price growth sits near the middle of U.S. metros, posting a modest 0.6% gain.


Infographic displaying sale prices and annual changes: Detached +$126,896 (7.7%), Attached –$114,000 (–8.7%), Condo +$35,000 (4.0%). Highlights diverging trends across segments.
Detached homes show solid annual gains while attached homes decline and condos see moderate growth.


Infographic displaying sale prices and annual changes: Detached +$126,896 (7.7%), Attached –$114,000 (–8.7%), Condo +$35,000 (4.0%). Highlights diverging trends across segments.
Detached homes show solid annual gains while attached homes decline and condos see moderate growth.


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 of 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 home sales are accounted for, they provide an early indication of home sale price appreciation in San Francisco during January 2026.

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.

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.

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.

Writer
Nigel Hughes

Nigel Hughes is the Senior Director of Market Analytics at CoStar and Homes.com, where he leads analysis of commercial and residential real estate across the San Francisco Bay Area. He produces data-driven reports and news coverage on leasing, investment, construction, and property performance across all major asset classes, and tracks trends in home prices, rents, supply, and demand. With a degree in economics from Middlesex University and more than two decades of experience in real estate research and consulting in the United States, the United Kingdom, and Australia, he advises investors, developers, and corporate occupiers on market conditions, capital deployment, and portfolio strategy.

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