San Francisco Real Estate Market Update: December 2024

Key Highlights of the December 2024 Market

1. Surge in Pending Sales - Pending sales for single-family homes experienced a remarkable 27.7% increase compared to previous months. This indicates a surge in buyer activity, driven by a combination of competitive pricing, year-end momentum, and continued interest in San Francisco's unique housing market.
2. Rising Median Sales Prices - The median sales price for single-family homes climbed by 5.8%, reaching an impressive $1,534,000. Condominiums also witnessed a significant 6.5% price growth, showcasing their appeal to urban dwellers seeking convenience and proximity to the city’s amenities.
3. Tightened Inventory - Across all property types, inventory levels tightened further, intensifying competition among buyers. The limited supply reinforces the importance of strategic planning and professional guidance for both buyers and sellers.

What Does This Mean for Buyers?

• Act Quickly: Properties in San Francisco are moving fast due to limited supply. Buyers need to be prepared to make strong offers quickly.
• Secure Financing Early: With rising prices, securing a mortgage pre-approval before house hunting is essential to strengthen your buying position.
• Partner with an Expert Realtor: Having a knowledgeable real estate agent can make all the difference. A local expert can provide insights into neighborhoods, pricing trends, and negotiation strategies.

Opportunities for Sellers

• Leverage the Demand: The rising median sales prices and increased buyer activity mean sellers can secure favorable deals.
• Invest in Presentation: Staging your property and addressing minor repairs can enhance appeal and boost your chances of receiving competitive offers.
• Work with Professionals: Partnering with an experienced realtor ensures your property gets the exposure it deserves through effective marketing strategies.

Neighborhood Insights

• Noe Valley and Bernal Heights: These family-friendly neighborhoods saw strong demand for single-family homes, thanks to their suburban feel and proximity to top schools.
• Downtown and SoMa: Condo sales gained momentum as urban professionals sought properties close to workplaces and entertainment hubs.
• The Sunset District: With its mix of affordability and accessibility, the Sunset District remained a favorite among first-time buyers.

San Francisco’s Unique Market Dynamics

• Job Market Stability: As a global tech hub, San Francisco’s strong job market attracts buyers looking for long-term investments in the area.
• Lifestyle Appeal: The city’s vibrant cultural scene, scenic views, and world-class amenities continue to draw buyers from around the world.
• Limited Land for Development: With little room for new construction, the existing housing stock remains in high demand, further driving prices upward.

Why Work With Rise Homes?

• Deep Local Knowledge: As SF Bay Area natives, we understand the intricacies of each neighborhood, from market trends to hidden gems.
• Comprehensive Marketing: For sellers, we offer cutting-edge marketing strategies to showcase your property to the right audience.
• Personalized Support: We’re committed to making your real estate journey smooth and stress-free.

Tips for Navigating the San Francisco Market

1. Stay Informed: Regularly review market updates to understand pricing trends and inventory shifts.
2. Be Flexible: Given the competitive market, buyers may need to adjust their expectations or explore alternative neighborhoods.
3. Plan Ahead: Whether buying or selling, start the process early to avoid last-minute stress.

Looking Ahead to 2025

Your Dream Home Awaits

Don’t wait to make your move! With rising demand and limited supply, now is the perfect time to explore your options in the San Francisco housing market.

 Call us at Rise Homes to start your journey today!
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