April 2026 Market Report

Shrugging Off War, the SF Market Only Gets More Heated

The median HOUSE sales price in March 2026 hit $2,150,000, up 18% year-over-year, exceeding the previous peak of $2,050,000 in April 2022. The median CONDO sales price was $1,357,500, up 27% year-over-year, marking the second-highest monthly price ever after the $1,375,000 peak in April 2022.

22 luxury HOUSE sales of $5 million+ were reported in March 2026, up 83% year-over-year, surpassing the previous peak of 21 sales in June 2021. 24 luxury CONDO sales of $3 million+ were reported in March, up 380% year-over-year, exceeding the previous high of 17 sales in August 2021.

The number of homes listed for sale fell 28% year over year. The inadequate supply of listings – especially of houses – compared to soaring demand continues to pressurize the market as buyers compete furiously for scarce listings.

85% of house sales sold over list price with an average sale price 23% over list price, tied with April 2022 for highest overbid percentage ever. 62% of condo sales sold over list price with an average sale price 7% over list price, the highest overbid % since 2019.

The average days on market to acceptance of offer was 29 days in March 2026, the fastest rate of sale since spring 2022. Price reductions fell 39% from March 2025.

Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.

Median HOUSE Sales Prices – Selected Neighborhoods*

San Francisco HOUSE Prices

This is a sampling of values across some of San Francisco’s 70+ neighborhoods, w/high sales prices of $4.995 million+*

Median sales price is that price at which half the sales occurred for more and half for less. It is a very general measurement of value that disguises a wide range of prices in the underlying sales, and how it applies to any particular home is unknown without a specific comparative market analysis.

Many factors affect home values: architectural style, quality of construction, square footage, condition, amenities, light, views, privacy, outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on.

Median HOUSE Sales Prices – Selected Neighborhoods*

San Francisco HOUSE Prices

This is a sampling of values across some of San Francisco’s 70+ neighborhoods, w/high sales prices of $4.995 million+*

Median sales price is that price at which half the sales occurred for more and half for less.

How these prices apply to any particular home is unknown without a specific comparative market analysis.

Median HOUSE $/Sq.Ft. Values – Selected Neighborhoods*

San Francisco HOUSE Values

This is a sampling of values across some of San Francisco’s 70+ neighborhoods.

Median $/sq.ft. value is a very general measurement, and how it applies to any particular home is unknown without a specific comparative market analysis. All things being equal, a smaller home will typically sell for a higher $/sq.ft. value – and median house sizes vary enormously between and within neighborhoods.

The calculation of dollar per square foot is based on interior living space and doesn’t include garages, attics, basements, rooms built without permit, decks, patios or lot size (though all these can add value to the home).

Median HOUSE Square Footage – Selected Neighborhoods*

San Francisco Median HOUSE Sizes

Comparing median sales prices between neighborhoods is not apples to apples, since the median sizes of homes (and other characteristics) vary so widely. Generally speaking, the most expensive neighborhoods have both the largest homes and the highest dollar per square foot values.

The median house size for the entire city is 3 bedrooms, 2 baths, 1806 sq.ft. with a median lot size is .06 acre.

Square footage is based upon interior living space and doesn’t include garages, attics, basements, rooms built without permit, decks, patios or lot size.

Median CONDO Sales Prices – Selected Neighborhoods*

San Francisco CONDO Prices

This is a sampling of values across some of San Francisco’s 70+ neighborhoods.*

Median sales price is that price at which half the sales occurred for more and half for less. Many factors affect condo prices: square footage, architectural style, views, quality of construction, the floor the unit is on, condition, HOA amenities and cost, deeded outdoor space, parking, and so on.

Median CONDO $/Sq.Ft. Values – Selected Neighborhoods*

San Francisco CONDO Values

This is a sampling of values across some of San Francisco’s 70+ neighborhoods.

The calculation of dollar per square foot is based on interior living space and doesn’t include common areas, parking spaces, rooms built without permit, storage rooms, decks or patios. All things being equal, a smaller unit will typically sell for a higher dollar per square foot value, but the floor a unit is on – and its views – can play a large role in condo values.

Median House Sales Prices since 2012, by QUARTER

San Francisco House Price Trends

The Q1 2026 median house sales price jumped 22% year over year to its highest Q1 price ever, and just below its peak quarterly price in Q2 2022.

Median sales price is that price where half the homes sold for more and half for less and can be affected by other factors besides changes in fair market value. It is a very general statistic that disguises a wide range of prices in the underlying sales.

Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the year in Q2, though that did not occur in 2025 due to the AI startup boom.

Median HOUSE Sales Price since 2020

San Francisco Market Dynamics by MONTH*

In March 2026, the monthly median house sales price, $2,150,000, hit a new high, exceeding the previous peak in April 2022 ($2,050,000).

Sales in one month mostly reflect accepted offers in the previous month. Median house sales prices typically peak for the calendar year in spring.

Median Condo Sales Prices since 2012, by QUARTER

San Francisco Condo Price Appreciation

The Q1 2026 median condo sales jumped 18% year over year to its highest 1st quarter price ever.

Seasonal fluctuations are common. It is not unusual for median sales prices to peak for the calendar year in Q2. Different city districts have seen varying median price trends.

Median CONDO Sales Price since 2020

San Francisco Market Dynamics by MONTH*

In March 2026, the monthly median condo sales price, $1,357,500, hit its second highest point ever. The peak price occurred in April 2022 ($1,375,000).

Sales in one month mostly reflect accepted offers in the previous month.

San Francisco Value Trends since 2005

3-Month-Rolling, Median Dollar per Square Foot Values*

The 3-month-rolling median $/sq.ft. house value in March 2026 rose about 12% year over year; the median condo value rose about 10.5%.

Median $/sq.ft. value is a general statistic, disguising an enormous range of values in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart.

2026 YTD Home Sales by Price Segment*

San Francisco Residential Market

Sales by Property Type*

House 42%
Condo 47%
TIC 7%
Co-op 2%
Townhouse 1%

82% of sales under $1,000,000 were condos, co-ops and TICs.

57% of sales of $1m - $1,499,999 were condos, co-ops and TICs.

New Listings Coming on Market

San Francisco Market Dynamics & Seasonality*

The number of new listings in March 2026 rose from February but fell 4% year over year.

The number of new listings typically climbs through spring, declines in mid-summer, soars in September, and plunges in December.

Active & Coming-Soon Listings on 1st of Month*

San Francisco Homes Market

As of 4/1/26, the number of listings was slowly climbing, but declined 28% lower year over year. Listing inventory will typically continue to rise through fall.*

The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and sellers pulling their homes off the market without selling.

Number & Percentage of Listings by Price Segment & Property Type*

Homes for Sale in San Francisco

Active Listings by Property Type*

House 26%
Condo 63%
TIC‍ ‍ 7%
Co-op‍ ‍ 3%

86% of listings under $1,000,000 were condos, co-ops and TICs.

By any historical standard, inventory is very low in the city, but the number of house listings in particular is extremely low.

Listings Accepting Offers (Going into Contract)

San Francisco Market Dynamics & Seasonality

Chart: Listings Accepting Offers — Residential activity reported to MLS, per Broker Metrics. Will not include new-project condo activity not reported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported activity.

Sales activity in SF continued to surge in March 2026 as the market moved into spring. Even though the number of listings was much lower year over year, the number of homes going into contract rose about 13.5%.

Demand, as measured by the number of listings going into contract, typically climbs through spring, declines in summer, rebounds in early fall, and plunges in December.

Percentage of Listings Accepting Offers

San Francisco: Absorption Rate by Month

Absorption rate measures buyer demand vs. the supply of listings for sale: The higher the percentage, the more heated and competitive the market. Absorption rates have surged higher on a year over year basis since autumn 2025.

Overbidding List Prices in San Francisco

Percentage of Home Sales Closing over List Price

Overbidding is generally caused by buyer competition for new listings. The overall overbidding percentage in March 2026 was 71% of sales, the highest % since spring 2022. For houses alone, it was 85% of sales, and for condos, 62%.

This statistic fluctuates according to seasonal demand trends and is a lagging indicator of market activity 3-6 weeks earlier.

Average Sales Price to Original List Price Percentage

San Francisco Over/Under Bidding: Market Dynamics & Seasonality

The average Sales Price to Original List Price Percentage in March 2026 was 13.5% above list price, the highest reading in 10 years. For houses alone the average was 23% over list price, and for condos, 7% over list price.

This statistic can be distorted by strategic underpricing strategies by listing agents.

Average Days on Market – Speed of Sale

San Francisco Market Dynamics & Seasonality

Average days on market in March 2026 – 29 days – hit the lowest reading since spring 2022. For houses alone, the reading was 20 days, and for condos, 34 days.

Measuring how long it takes for sold listings to accept offers. Homes usually sell fastest in spring and early autumn – with the rush of new listings – and slowest in mid-winter (when the inventory of listings is at its oldest).

Monthly Home Sales Volume*

San Francisco Market Dynamics & Seasonality

Sales in one month mostly reflect accepted offers in the previous month. Sales continued to rebound from the January low, but are being constrained by the exceedingly low inventory of listings for sale.

San Francisco Luxury Home Sales

Sales Prices of $5,000,000+

$5 million+ home sales in March 2026 tied the highest monthly counts ever.

Sales in one month mostly reflect accepted offers in the previous month. The market for luxury homes fluctuates by season, with spring and fall typically the most active markets of the year.

San Francisco Luxury HOUSE Sales

Sales Prices of $5,000,000+

$5 million+ house sales in March 2026 hit the highest monthly count ever, slightly exceeding the previous peak in June 2021.

Sales in one month mostly reflect accepted offers in the previous month. The market for luxury homes fluctuates by season, with spring and fall typically the most active markets of the year.

San Francisco Luxury CONDO Sales

Sales Prices of $3,000,000+

$3 million+ condo sales in March 2026 hit the highest monthly count ever, far exceeding the previous peak in August 21.

Sales in one month mostly reflect accepted offers in the previous month.

Price Reductions on Active Listings

San Francisco Market Dynamics & Seasonality

The number of price reductions in March 2026 declined 39% year over year.

The number of price reductions typically ebbs and flows by season but can also be affected by specific events in the economy and the market. They typically peak in October before the mid-winter holidays.

Selected Economic & Demographic Data

San Francisco Population Trends since 2010

U.S. Census Estimates, July 1st to July 1st

2024 to 2025, the county saw slightly negative domestic migration (-137), and more births than deaths (+574). Net foreign immigration plunged 64% in the last 12-month period and is expected to decline further in the period underway.

Since the pandemic strick: -83,691 in net domestic migration, +33,435 in net foreign migration, and +3,776 in natural change.

Mortgage Interest Rates, August 2022 to 2026 YTD

30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*

Per Freddie Mac (FHLMC), on April 2, 2026, the weekly average, 30-year, conforming-loan interest rate rose to 6.46%, up from 5.98% before the Iran war began. The cease fire announced on 4/7/26 may exert downward pressure on interest rates.*

Financial Markets, 2025 – 2026 YTD

Percentage Increases in S&P 500 & Nasdaq since 1/2/25

Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.

Crude Oil, Price per Barrel

Since February 2, 2026*

Dramatic ups and downs in oil prices can have considerable effects on manufacturer & consumer prices, transportation costs, inflation, consumer confidence and financial markets. Prices have often been volatile even on an intra-day basis as events, predictions, threats and announcements change.

The Price of Gas, 2025 – 2026 YTD

U.S. Average, Price per Gallon, by Week*

Any impact of the Iran war ceasefire has not yet shown up in gas prices.

Economic Policy Uncertainty Index*

By Month since January 2000

The Economic Policy Uncertainty Index reading has plummeted since the April 2025 tariff shock but rebounded higher in 2026 to a level very high by long-term standards. Still, the increase since the Iran war began has been muted.

The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*

Federal Funds Interest Rate since 1981

& Economic Interventions by Federal Reserve Bank*

In September 2024, the Fed reduced the rate by a half point, and then by a quarter point in November and December. In September, October and December 2025, the rate was reduced by a quarter point each time. There were no changes in January or February 2026. Additional adjustments in 2026 are a topic of much discussion and uncertainty.

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.

Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.

Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.

April 2026 Market Report

Shrugging Off War, the SF Market Only Gets More Heated

Median HOUSE Sales Prices – Selected Neighborhoods*

Median HOUSE Sales Prices – Selected Neighborhoods*

Median HOUSE $/Sq.Ft. Values – Selected Neighborhoods*

Median HOUSE Square Footage – Selected Neighborhoods*

Median CONDO Sales Prices – Selected Neighborhoods*

Median CONDO $/Sq.Ft. Values – Selected Neighborhoods*

Median House Sales Prices since 2012, by QUARTER

Median HOUSE Sales Price since 2020

Median Condo Sales Prices since 2012, by QUARTER

Median CONDO Sales Price since 2020

San Francisco Value Trends since 2005

2026 YTD Home Sales by Price Segment*

New Listings Coming on Market

Active & Coming-Soon Listings on 1st of Month*

Number & Percentage of Listings by Price Segment & Property Type*

Listings Accepting Offers (Going into Contract)

Percentage of Listings Accepting Offers

Overbidding List Prices in San Francisco

Average Sales Price to Original List Price Percentage

Average Days on Market – Speed of Sale

Monthly Home Sales Volume*

San Francisco Luxury Home Sales

San Francisco Luxury HOUSE Sales

San Francisco Luxury CONDO Sales

Price Reductions on Active Listings

Selected Economic & Demographic Data

San Francisco Population Trends since 2010

Mortgage Interest Rates, August 2022 to 2026 YTD

Financial Markets, 2025 – 2026 YTD

Crude Oil, Price per Barrel

The Price of Gas, 2025 – 2026 YTD

Economic Policy Uncertainty Index*

Federal Funds Interest Rate since 1981

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