San Francisco Housing Market

Buyer activity strengthened in April as improving confidence among high-income households collided with historically constrained inventory, reinforcing competitive conditions across much of the city.

Home sales in San Francisco continued to gain momentum in April, supported by typical spring seasonality and renewed confidence among tech and artificial intelligence–linked buyers. Sales activity has been strongest for well-located single-family homes and higher-quality condos, where multiple-offer situations remain common. Local economic drivers, including rising compensation and employee stock offerings in the technology sector, have helped offset affordability headwinds from elevated mortgage rates. Compared with the U.S., where demand remains more rate-sensitive, San Francisco buyers appear less constrained by financing costs, leading higher homeownership demand and a higher share of homes selling above list price.

Active inventory remained low in April, leaving San Francisco with just 3.3 months of supply, well below the national level of roughly four months. Months of supply decreased meaningfully from a year earlier, reflecting both fewer active listings and quicker sales once homes come to market. Days on market have shortened as buyers move decisively on desirable properties, particularly in established neighborhoods and downtown-adjacent areas benefiting from improved office attendance. New construction remains limited, and while longer-term development pipelines are expanding on paper, near-term additions to for-sale inventory are minimal. As a result, supply conditions remain structurally constrained, favoring sellers.

Home prices in San Francisco advanced further in April, extending a run of strong year-over-year growth and continuing to outperform both California and the broader U.S. market. Price gains have been most pronounced at the upper end, where limited supply and all-cash or low-leverage buyers are driving competition. Condo pricing has also firmed after a slower start to the year, although rising homeowner association costs continue to influence buyer preferences and price sensitivity. Nationally, price growth has moderated as inventory builds in many markets, but San Francisco remains an outlier, with persistent undersupply and affluent demand sustaining upward pressure on values.

The median home sale price in San Francisco increased by 7.6% compared to the same time last year, while the national median price rose by 1.7%.

San Francisco median home prices rose by $120,000 year over year on a nominal basis in April to $1,700,000. Meanwhile, the national median home price increased by $6,500 to $390,000.

San Francisco was the highest-priced housing market among the top 40 largest markets last month. The San Francisco median home price of $1,700,000 was 335.9% above the national median home price. San Francisco's median home price in April is the highest observed price for any month in the market.

The median price of San Francisco single-family homes rose $190,000 over the past year to $2,100,000, while the median townhome price declined 4.0%, and the median condo price rose 15.5%.

The number of active listings in San Francisco decreased by 5.6% in April compared to the same time last year, while national active listings rose by 6.3%.

San Francisco active listings fell by 161 year over year in April to 2,713 active listings. San Francisco ranked 34th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

San Francisco active listings were above their pre-pandemic levels in the month of April. San Francisco active listings were 36.1% above the April 2019 total of 1,994.

San Francisco single-family active listings grew by 2.0% to 1,486 in April. In comparison, townhome active listings fell by 21.3% to 163, and condo active listings declined by 12.1% to 1,064.

The number of home sales in San Francisco increased by 16.8% in April compared to the same time last year, while national home sales rose by 0.6%.

San Francisco home sales increased by 154 year over year on a nominal basis in April to 1,073. For context, 919 sales closed in San Francisco in April 2025.

San Francisco ranked first for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April increase of 16.8% compares to the 4.1% year over year increase in April 2025.

San Francisco single-family sales increased by 18.2% in April to 703. In comparison, townhome sales rose by 29.4% to 66, and condo sales rose by 11.4% to 304."

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 April 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.