2016 YTD Report on Neighborhood Home Values
A city neighborhood map is provided at the bottom of this
The charts below are based upon San Francisco home
sales reported to MLS in 2016 YTD through 8/17/16,
breaking out the neighborhoods with the most
given price points. Other neighborhoods not listed did have smaller numbers of sales
within given price segments.
Where to Buy a HOUSE for under $1
The overall median HOUSE price in the city in
the first half of 2016 was $1,350,000, so the under-million-dollar house is
becoming increasingly rare. For context, in 2011, 75% of San Francisco's house sales were below $1,000,000; in 2016 YTD, that percentage has dropped to 26%. The vast majority of house sales in this
price segment now occur in a large swath of neighborhoods running across the
southern border of the city, which are by far its most affordable house markets:
from Bayview through Portola, Excelsior, Visitacion Valley and Crocker Amazon,
to Oceanview and Ingleside.
The chart’s horizontal columns reflect the
number of sales of houses with at least 2 bedrooms, with parking, for under $1
million, while the median sales prices noted are for all 2BR house sales during
the period. Median price provides a good idea of overall neighborhood house
Where to Buy a CONDO, CO-OP OR TIC
for under $1 million
The overall SF median condo price in the first half of 2016 was $1,100,000, and sales under $1m still occur in almost
every area of the city that features these property types – but a studio unit
in Russian Hill may cost as much as a 2-bedroom condo in Diamond Heights. Note that these charts only reflect sales reported to MLS, and many new-project condo sales do not.
Of these property types, condos make up about
90% of sales, stock co-op apartments 1 to 2%, with TICs making up the balance.
TICs typically sell at a significant discount (10% - 20%) to similar condos.
The horizontal columns reflect the number of
sales under $1m broken out by 1-bedroom and 2-bedroom units. You can see that if you want to buy a condo in the South Beach/Mission Bay district, you are pretty much limited to 1BR units (or studio units). The box of median
sales prices is just for 1BR units, again simply to give an idea of relative
values between neighborhoods.
Spending $1 Million to $1.5
Million in San Francisco
In this price point for houses, one starts
moving into another layer of neighborhoods in the west and the central-south
areas of the city: The Sunset and
Parkside neighborhoods, Golden Gate Heights, Miraloma Park, Sunnyside, Mission Terrace, Bernal Heights and others
as shown. There has been a lot of upward pressure on these areas in the past 2
years in particular.
The horizontal columns reflect the number of
sales, with the average dollar per square foot values for the homes in this
price range noted alongside.
Condo and co-op sales in this price range are
mostly concentrated in those areas where newer condo developments have surged
onto market over the past 10 – 15 years, and continue to arrive in increasing
numbers – South Beach, Mission Bay, Inner Mission, Hayes Valley, Dogpatch, SoMa – as well as
in high-end neighborhoods such as Pacific Heights, Russian Hill and the greater
Noe-Eureka Valleys area.
Buying a HOUSE for $1.5 million to
Buying a HOUSE for $2 million to $2.5
When you get to the $2 to 2.5 million dollars range, the house
market becomes dominated by the greater Noe-Eureka-Cole Valleys district, the
St. Francis Wood-Forest Hill district, the Potrero Hill-Inner Mission area, and
the Inner-Central Richmond and Lake Street area.
Buying a LUXURY HOME in San
For the sake of this report, houses selling for
$2.5 million and above, and condos, co-ops and TICs selling for $1.5 million
and above are designated (somewhat arbitrarily) as luxury home sales. What you
get in different neighborhoods for your millions of dollars will vary widely. Views
often play a significant role in SF home values, but particularly in the luxury
condo market, where the most expensive units often offer staggering views from
very high floors. Over the past 15 years – and accelerating in the current
market recovery – there have occurred some very large shifts in the luxury home
market, with districts other than the old-prestige, northern neighborhoods becoming
major destinations for (very) high-end homebuyers. However the northern
neighborhoods like Pacific Heights still dominate the ultra-high end in SF:
houses selling for $5 million or more. The greater South Beach-Yerba Buena
area, with its many new luxury condo towers now has more luxury condo sales
than any other area.
Luxury CONDO, CO-OP & TIC
San Francisco Neighborhood
For prevailing SF median house and condo prices,
map of neighborhood values can be found here:
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As always, the quality of the specific location and the range
of amenities of the property; its curb appeal, condition, size and
graciousness; and the existence and quality of parking, views and outside space
can all significantly impact unit values.
© 2016 Paragon Real Estate Group
were made in good faith with data from sources deemed reliable, but they may
contain errors and are subject to revision. Statistics are generalities and how
they apply to any specific property is unknown without a tailored comparative
market analysis. Sales statistics of one month generally reflect offers
negotiated 4 – 6 weeks earlier. Median sales prices often
change with even the smallest change in the period of time or parameters of the
analysis. All numbers should be