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an Francisco's luxury housing market is showing resilience, with single-family homes in District 7, including Pacific Heights, Presidio Heights, Cow Hollow, and the Marina, selling at a median of $5.75 million between January and June 2024, surpassing the 2021 peak of $5.3 million. This is a sign of continued strength in the ultra-luxury market, according to Compass data. However, median sale prices in very expensive neighborhoods can fluctuate due to a few very high-end sales. This year, several $20-million-plus sales have certainly impacted the figures, although the two biggest sales so far this year—Laurene Powell Jobs' record-breaking buy of a $71-million home on Billionaire's Row in Pacific Heights and the Battery Club founders' sale of their $29.15 million home down the street—came in after the year-to-date figures were collected.
Compass Chief Market Analyst Patrick Carlisle cautioned against drawing definitive conclusions about fair market appreciation based on a single reading of the median sales price. He emphasized that the luxury and ultra-luxury market has performed better in 2024 than the general market due to the bullish stock market. However, he noted that a few big sales in District 7 are likely pushing up the overall averages more than the rest of the city.
Homes in District 7 take the longest to sell at 43 days and only 34 percent sell over list price, according to Compass data. District 2 has the highest number of home sales, the quickest time on market at just 20 days, and the highest percentage of sales over asking at 85 percent. The 2024 median price is $1.58 million, compared to $1.5 million last year and $1.7 million at the peak in 2020 and 2021.
District 10 has the second-highest percentage of sales over list price at 77 percent and is also the most affordable market in the city with a median price of $1.12 million this year. The Bayview is the only neighborhood in the city where the median-priced single-family home is still under $1 million.
Looking at the condo market, three neighborhoods have a median price below $1 million: Civic Center is the least expensive at $630,000, followed by South of Market at $775,000, and the Inner Mission just shy of $1 million. Cow Hollow has the most expensive condo market at a median of $1.8 million.
Condo inventory is highest in District 9, which includes SoMa, Mission Bay, and South Beach. Condos in District 9 had the longest time on the market at 73 days, the lowest percentage of over-asking sales at 17 percent, and an average underbid of 5 percent. South Beach had the most condo sales in the city at 126, with Pacific Heights taking the second-highest spot at 85 deals. Median condo prices in District 9 are up slightly over last year at $1.02 million but well below 2019's $1.157 million peak.
District 5, which includes Noe and Eureka valleys, the Castro, and Mission Dolores, and District 1, which includes the Richmond and Laurel Heights, had the most competitive condo markets in the city, according to Compass data. The average condo went for 5.5 percent over asking between January and July in both areas and was on the market for just 33 days.
