San Francisco’s housing market posted solid gains in the second quarter of 2025, with both single-family homes and condominiums showing strong buyer activity, steady price growth, and continued signs of competitiveness.
The median sales price rose 3.5% year over year to $1,760,000. Homes are still moving quickly; median days on market held at just 13, underscoring continued demand. Price per square foot edged up 0.2% to $1,038. Contracts and sales were both up: 687 homes went into contract (up 5.7%), and 672 homes closed (up 3.4%). Nearly 80% of single-family homes sold over asking, and sellers received an average of 113% of the list price, strong evidence of multiple-offer scenarios. Inventory remains limited despite a slight 3.2% increase in active listings at quarter-end, with months supply of inventory holding tight at just 1.0. This continued inventory constraint will likely support pricing through the summer.
The condo market had a particularly strong quarter. The median sales price jumped 10.5% to $1,216,000, while the median days on market dropped to 27, down 3 days from a year ago. Price per square foot rose 1.6% to $1,014. Buyer activity was up, with pending sales increasing 6.5% to 704. While closed sales were relatively flat (up 0.9% to 694), condo inventory tightened further, with 8.5% fewer homes on the market at the end of Q2. The Months Supply of Inventory for condos now stands at 2.8 — down from previous quarters and moving closer to a balanced market. Additionally, 40.3% of condos sold over asking, and sellers received an average of 102% of list price, modest compared to single-family homes, but a healthy sign for this segment.
Freddie Mac reported last week that the average 30-year fixed-rate mortgage dropped to 6.67%, marking the fifth straight weekly decline and the largest since early March. While affordability challenges persist, falling rates are encouraging more sellers to list, giving buyers more choice and momentum heading into the second half of the year.
Despite seasonally slower summer months ahead, San Francisco’s housing market remains competitive, especially in the single-family segment. With buyer activity still strong, steady price growth, and mortgage rates trending downward, this could be a great window for those ready to make a move before fall activity picks up.
