Real Estate Market Update for October 2025
What’s New in San Francisco Real Estate
Analytics and charts from Compass
San Francisco’s real estate market continues to strengthen, largely due to the accelerating AI start-up boom. Rents are rising at the fastest rate in the country and median sales prices have risen year over year. September sales and luxury home sales, as well the number of listings going into contract, are higher than in September 2024. New listing activity almost doubled from August, but year-over-year, the number of active listings as well as the quantity of price reductions decreased.
As of early October, 30-year mortgage rates, at about 6.3%, were essentially unchanged from early September (but much lower than the 7% rate in early 2025).
Home Sales Volume
The number of sales in September 2025 increased about 35% from September 2024. House sales made up around 43% of September sales.
New Listings
New listings surged in September 2025 from August, as is typical at this time of year. However, new listings declined 10% year over year.
Active and Coming Soon Listings
Listings for sale as of October 1 were down 28% from the previous year. 29% of the listings were houses, 59% condos, 8% TICs, and 4% co-ops.
Listings Accepting Offers
Homes going into contract in September 2025 increased 57% from August and 42% from September 2024.
Pending Ratio
The pending ratio in September 2025 was the highest September percentage since the peak of the pandemic boom. San Francisco is the only Bay Area county that saw a year over year increase in its pending ratio, increasing by 15 percentage points.
Average Days on Market
Houses typically sell twice as fast as condos, co-ops, and TICs.
Sales Over List Price
In the third quarter of 2025, 72% of house sales and 31% of condo sales sold for over the list price.
Price Reductions on Active Listings
Priced reductions in September 2025 declined 32% from the previous year, representing the lowest September count in more than four years.
House Price Trends
Third quarter 2025 median house sales prices fell from the second quarter, but were up about 3.2% year over year.
Condo Price Trends
Third quarter 2025 median condo sales prices fell from the previous quarter, but the 6-month rolling median sales price is up 2.2% year over year.
Mortgage Rates
As of October 9, 2025, the weekly average rate for a 30-year conforming loan dropped slightly from the previous week to 6.3%.
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.
