SF: July 2024 Market Stats

Report Highlights

• The median house sales price in Q2 2024 rose 6% from Q2 2023, while the median condo sales price declined by 2.5%.
• The number of homes for sale on July 1st rose 3% year over year. San Francisco has, so far, not seen the large increases in listings in 2024 common in other Bay Area counties.
• Q2 home sales rose 9% year over year, but homes selling for $3 million+ jumped 29%, and $5 million+ sales soared 54%: Very affluent households have been playing an outsized role in the housing market since late 2023 (when financial markets began their rebound).
• Overbidding percentages hit their highest readings, and average days on the market their lowest readings in 2 years. The number of price reductions declined year over year.
• Market dynamics continue to be much more heated in the housing market than in the condo market, reflecting significant differences in supply and demand in those segments.

As of early July, mortgage rates continue to hover around 7%, though hopes remain for at least one reduction in the Fed's benchmark rate in 2024. Stock markets have sustained their extraordinary rise. The homeowner's insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. The latest Census estimates revealed the Bay Area is growing older, with fewer children and a rising number of residents aged 65+.