San Francisco’s housing market continued its strong momentum in May, especially in the single-family home segment. Compared to May 2024, the median sales price for single-family homes rose 6.5% to $1,800,000, while homes continued to move quickly, spending a median of just 13 days on the market, unchanged from last year. The median price per square foot increased 3.2% to $1,057, and the number of homes that went into contract jumped 10.5% to 264, signaling strong buyer activity. While the number of closed sales dipped slightly by 2.2%, inventory remains tight, with just 268 homes for sale at the end of May, a 1.1% year-over-year decline. Months Supply of Inventory recorded at a lean 1.2 months, keeping competition high.
Condominiums posted a 10% gain in median sales price, reaching $1,291,500, a new record for the month of May. The median days on market dropped by 7 days to 21, while price per square foot edged up 0.3%. Similar to the single-family segment, the number of condos going into contract jumped 10.5%, reflecting robust buyer interest. However, the number of closed condo sales fell 9.6% to 226. Active listings at month-end declined 4.8% to 711, and the Months Supply of Inventory for condos stands at 2.5, indicating tightening conditions in that segment as well.
With limited inventory, strong buyer demand, and rising prices in both segments, San Francisco’s housing market remains highly active heading into summer.
