Real Estate Market Update for December 2025
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The real estate market in San Francisco began its typical mid-winter slowdown in November, marked by a substantial decline in both listing and sales activity. While there are still transactions taking place, the pace slows considerably until the end of the year, and the market picks up again in mid-January.
The San Francisco market this past fall saw a big surge in demand, likely due to the accelerating AI startup boom in the city. San Francisco now has one of the most heated markets in the country.
Home Sales Volume
The number of sales in November 2025 decreased from October, but remained essentially unchanged compared to November 2024. House sales accounted for 46.5% of November sales, while co-ops made up 45% of sales.
New Listings
Active and Coming Soon Listings
The number of listings for sale on the first of December fell from the previous month and decreased 35% year over year.
Listings Accepting Offers
In November, the number of listings going into contract decreased from September and October, but rose about 10% year over year.
Average Days on Market
The average days on market for all residential sales in November for all residential sales was 42 days, down slightly from 48 days in November 2024. For houses alone, the average was 26 days, and for condos the average was 55 days.
Sales Over List Price
The average sales price to original list price for all residential sales was 8%, the highest since mid-2022. Overbidding continued to be more common for houses; the average in November was 16% above list price and for condos it was 1.5% over list price.
Overbidding List Prices
Overall, 62% of sales saw overbidding; for houses alone it was 82%, while for condos it was 44%.
Absorption Rate
House Price Trends
Median house sales price in November 2025 rose 15% year over year. The 3-month rolling median house sales price increased to its highest point since 2022, increasing about 9% from November 2024.
Condo Price Trends
The median 2 bedroom condo sales price in November 2025 surged to its highest point since 2022, increasing about 6.5% year over year.
Mortgage Rates
As of December 4, 2025, the weekly, average 30-year conforming loan interest rate rose slightly to 6.19%.
The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information.
