Real Estate Market Update for January 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
2024 kicked off with positive news for the real estate market, as interest rates continued their downward trend, with 30-year interest rates dropping below 7%, down to 6.61% as of the end of December. The Fed also signaled it will drop its benchmark rate this year, which could yield further declines in mortgage interest rates. With new inventory and renewed buyer interest, the San Francisco real estate market is poised to be busier this year.
Home Sales Volume and Prices
2023 sales volume was down about 27% from 2022.
Average Months Supply of Inventory by Property Type and Price
House Price Trends
The median house sales price in 2023 was down about 13% from 2022.
Year over year, the median sales price for houses in Q4 2023 was down less than 1% from Q4 2022.
Condo Price Trends
Year over year, the Q4 median condo sales price was down about 1% from Q4 2022.
Year over year, the median sales price for condos in 2023 was down about 6% from 2022.
New Listings Coming on Market by Year
The number of new listings in 2023 was the lowest it’s been in decades.
Active and Coming Soon Listings
Of the listings for sale on January 1, 2024, 27% were houses and 73% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
Overbidding
Houses continue to see higher overbidding percentages than condos, which sold, on average, slightly below asking price in 2023.
Days on Market
Houses continue to have significantly lower days on market than condos.
Mortgage Interest Rates
At the end of December, the weekly average 30-year interest rate declined for the ninth week in a row to 6.61%. As of January 11, that rate has remained largely unchanged at 6.66%, with the average 15-year interest rate at 5.87%.
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.
