T
he San Francisco real estate market is experiencing a complex mix of trends in 2024, driven by shifting economic conditions. While the city remains highly desirable, recent data shows a softening condo market and increased demand for single-family homes in specific neighborhoods.

    According to Compass Real Estate's market analysis, median condo prices have declined over the past six months due to current interest rates and changing buyer preferences. Condos in dense urban areas like SOMA and South Beach are experiencing more price adjustments than single-family homes in residential districts.

    In contrast, single-family homes in affluent neighborhoods such as Pacific Heights and Presidio Heights remain highly sought after by families and professionals seeking space and privacy due to the growing appeal of work-from-home lifestyles. Nona Ehyaei, a top real estate agent with Compass, notes that buyers are now prioritizing luxury and practical living spaces.

    San Francisco's luxury market remains strong in prestigious neighborhoods like Pacific Heights and Presidio Terrace, where limited inventory and high demand drive premium prices. As the market continues to evolve, experts advise both buyers and sellers to stay informed and work with experienced agents to navigate these changes. With new listings moving quickly, those seeking opportunities should act swiftly.

    For more information on San Francisco's real estate market or to explore options, contact Nona Ehyaei at Compass Real Estate at 415-828-0047 or [email protected].