San Francisco Housing Market

Sales activity improved alongside constrained inventory, keeping competition elevated and pushing prices further above already high levels.

Home sales showed renewed momentum in May, with 1,023 total transactions across property types, including 654 single-family, 56 townhomes, and 313 condos. Sales increased 12.2% year over year, signaling a steady rebound in buyer activity after prior volatility. Condo demand led the gains, rising 18.6% annually, reflecting better affordability relative to single-family homes and a continued return of urban-oriented buyers. Demand was supported by a gradually improving population trend, which increased 0.5% over the past year, alongside strong income fundamentals. While employment declined modestly by about 0.4%, overall economic output remained robust, with real GDP growth of 5.8%, reinforcing the market’s long-term appeal. Compared with other California markets such as Los Angeles and San Diego, San Francisco’s recent demand recovery has been stronger, driven by its concentration of high-income, innovation-driven buyers.

Inventory tightened further, limiting buyers' options. Homes for sale totaled 2,728 units, with declines across all property types, including an 8.5% drop in single-family listings and a 13.4% decline in condos. Months of supply fell to 3.3, down 19.6% from last year and below the U.S. average of 4.9, highlighting a relatively undersupplied market. Homes also sold more quickly, with days on market averaging 33, an 8.3% year-over-year decrease. Compared to other California metros, San Francisco remains tighter than markets like the Inland Empire or Sacramento, where supply has normalized more quickly.

Home prices continued to climb, with the median sale price reaching $1,762,000, up 9.6% year over year, far outpacing the U.S. median of $395,000. Price growth was strongest for townhomes and condos, which increased 16.6% and 12.8%, respectively, while single-family homes rose 8.2%. This environment reflects a market where limited inventory continues to meet resilient demand. Compared with coastal peers like Los Angeles and San Diego, San Francisco stands out for both its higher price point and stronger pricing power, underscoring its position as the nation's most competitive housing market.

The median home sale price in San Francisco increased by 9.6% compared to the same time last year, while the national median price rose by 1.8%.

San Francisco median home prices rose by $154,500 year over year on a nominal basis in May to $1,762,000. Meanwhile, the national median home price increased by $7,000 to $395,000.

San Francisco was the highest-priced housing market among the top 40 largest markets last month. The San Francisco median home price of $1,762,000 was 346.1% above the national median home price. San Francisco's median home price in May is the highest observed price for any month in the market.

The median price of San Francisco single-family homes rose $162,500 over the past year to $2,140,000, while the median townhome price grew by 16.6%, and the median condo price rose 12.8%.

The number of homes for sale in San Francisco decreased by 11.3% in May compared to the same time last year, while national homes for sale rose by 4.3%.

San Francisco homes for sale fell by 349 year over year in May to 2,728 homes for sale. San Francisco ranked 39th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.

San Francisco homes for sale were above their pre-pandemic levels in the month of May. San Francisco homes for sale were 24.8% above the May 2019 total of 2,186.

San Francisco single-family homes for sale decreased by 8.5% to 1,511 in May. In comparison, townhomes for sale fell by 22.7% to 140, and condos for sale declined by 13.4% to 1,077.

The number of home sales in San Francisco increased by 12.2% in May compared to the same time last year, while national home sales dropped by 1.2%.

San Francisco home sales increased by 111 year over year on a nominal basis in May to 1,023. For context, 912 sales closed in San Francisco in May 2025.

San Francisco ranked first for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May increase of 12.2% compares to the 3.7% year-over-year decrease in May 2025.

San Francisco single-family sales increased by 9.7% in May to 654. In comparison, townhome sales rose by 7.7% to 56, and condo sales rose by 18.6% to 313.

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 May 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.