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Where Can I Buy a HOUSE for Under $1 million in San Francisco?
You want to buy a house, condo, co-op or TIC in San Francisco for $600,000 or $800,000 or somewhere under a million dollars. To a large degree, your price range determines the neighborhoods where you are most likely to find a match between what you wish to pay and current market values. That does not apply quite as much to condos and TICs as it does to houses: Generally speaking, in neighborhoods with high numbers of condo and TIC sales, there are buying options at a wide range of price points – though, there are exceptions to this rule, and, obviously, size, quality and amenity considerations will always come into play. But for houses, the price range for the vast majority of sales within a particular neighborhood is typically within a much narrower range.
The era, style, amenities and average size of homes will often vary widely between and within neighborhoods.
The charts below are based upon sales reported to MLS in 12-month periods between March 2013 and March 2014. We’ve generally broken out the neighborhoods with the most sales within given price points. There are neighborhoods not delineated with lesser numbers of sales, as well as exceptions to neighborhood home-value norms scattered throughout the city. Finally, note that in an appreciating market, homes selling in the various price ranges will move upward, typically en masse.
Out of the approximately 2635 house sales in the past year, about 50% sold for under $1 million. The vast majority of these sales occur in a large swath of neighborhoods forming a giant L shape, down the west side of the city, from Outer Richmond to the border with Daly City, and then sweeping across the southern side of San Francisco to Bayview and Hunter’s Point. Generally speaking, the western and central-ish neighborhoods cost more than the southern neighborhoods in this under $1m house market.
Houses in these neighborhoods began their recovery from the market downturn a step or two behind more expensive areas in San Francisco, but now the markets here are red hot and very competitive and home prices are under strong upward pressure.
Where Can I Buy a CONDO, CO-OP OR TIC for Under $1 million?
In the general category of condo, co-op and TIC sales in San Francisco, condos make up almost 90% of sales, TICs almost 10% and stock co-ops 1 to 2%. TICs typically sell at a significant discount to similar condos, but there are a number of factors that affect the exact price differential.
Of the approximate 3300 condo, co-op and TIC sales in the past year, about 64% sold under $1,000,000. These sales take place in virtually every area of the city that features these property types, but a studio unit in Nob Hill or Pacific Heights will cost the same as a 1 or 2 bedroom unit in Downtown. Some areas with large volumes of sales, such as South Beach/South of Market or Pacific Heights/Marina, offer units for sale at virtually every price point. In such districts, what will vary will be the prestige and amenities of the building, the size and graciousness of the unit, the floor the unit is located on, and the existence of views and deeded outside space (decks, patios, or, less often, yards).
Distribution of House Sales by Sales Price
March 2013 - March 2013
This chart breaks down San Francisco houses sales by sales price segment for the 12 months ending mid-March 2014, in $250,000 segments: the $750,000 to $1,000,000 segment (dark green column) had the most sales -- the median sales price over the entire period was approximately $945,000. (Note that some of the highest priced sales were cut off in this chart.)
Distribution of Condo & TIC Sales by Sales Price
The largest number of condo, co-op and TIC sales in San Francisco over this 12 month period was in the $700,000 to $850,000 price segment (dark green column) -- the median sales price over the period was approximately $838,000. (Note that some of the highest priced sales were cut off in this chart.)
SAN FRANCISCO REALTOR DISTRICTS
District 1 (Northwest):
Sea Cliff, Lake Street, Richmond (Inner, Central, Outer), Jordan Park/Laurel Heights, Lone Mountain
District 2 (West):
Sunset & Parkside (Inner, Central, Outer), Golden Gate Heights
District 3 (Southwest):
Lake Shore, Lakeside, Merced Manor, Merced Heights, Ingleside, Ingleside Heights, Oceanview
District 4 (Central SW):
St. Francis Wood, Forest Hill, West Portal, Forest Knolls, Diamond Heights, Midtown Terrace, Miraloma Park, Sunnyside, Balboa Terrace, Ingleside Terrace, Mt. Davidson Manor, Sherwood Forest, Monterey Heights, Westwood Highlands
District 5 (Central):
Noe Valley, Eureka Valley/Dolores Heights (Castro, Liberty Hill), Cole Valley, Glen Park, Corona Heights, Clarendon Heights, Ashbury Heights, Buena Vista Park, Haight Ashbury, Duboce Triangle, Twin Peaks, Mission Dolores, Parnassus Heights
District 6 (Central North):
Hayes Valley, North of Panhandle (NOPA), Alamo Square, Western Addition, Anza Vista, Lower Pacific Heights
District 7 (North):
Pacific Heights, Presidio Heights, Cow Hollow, Marina
District 8 (Northeast):
Russian Hill, Nob Hill, Telegraph Hill, North Beach, Financial District, North Waterfront, Downtown, Van Ness/ Civic Center, Tenderloin
District 9 (East):
SoMa, South Beach, Mission Bay, Potrero Hill, Dogpatch (Central Waterfront), Bernal Heights, Inner Mission, Yerba Buena
District 10 (Southeast):
Bayview, Bayview Heights, Excelsior, Portola, Visitacion Valley, Silver Terrace, Mission Terrace, Crocker Amazon, Outer Mission
Some Realtor districts contain neighborhoods that are relatively homogeneous in general home values, such as districts 5 and 7, and others contain neighborhoods of wildly different values, such as district 8 which, for example, includes both Russian Hill and the Tenderloin.
All data is from sources deemed reliable, but may contain errors and is subject to revision.
© 2014 Paragon Real Estate Group