San Francisco’s real estate market in 2024 reflected a mix of resilience and recovery amid broader economic challenges. The tech industry’s workforce reduction since 2022 has had a lingering impact on housing demand, contributing to a decline in prices and sales numbers compared to the market’s peak between spring 2021 and fall 2022. However, year-over-year data showed encouraging signs of recovery. Sales of 2-4 unit buildings rose 9.1%, while 5+ unit building sales increased 35.3%.
It is important to note that this market comprises a limited number of sales, encompassing buildings with highly diverse sizes, qualities, and financial profiles, spanning across a wide array of locations. Consequently, conducting meaningful statistical analysis becomes more challenging.
According to Zillow, rental rates have been declining since October’s high of $3,450 per month, with January 2025 recording at $3,200.
Overall, 2024 laid the foundation for growth in San Francisco’s real estate market, setting the stage for an active and optimistic year ahead.
