San Francisco's luxury real estate market in 2024 shows a mix of steady recovery since its peak in 2023. While the average sales price has held steady YOY at over $18M, up from $14M in 2022, it still lags behind the Northwest Coast average sales price of $22M.
Sales prices hold steady at just over $18M in 2024, up 25% from 2022.
Homes selling under 180 DOM achieved 102% of the list price.
93% of the list price met on average, a 10% increase YOY and the highest since 2017.
Selling faster equals selling for higher prices
Unsurprisingly, properties in San Francisco continue to command higher prices compared to the national average sales price of $16M. The San Francisco market saw a slight slowdown in 2024, with the average Days On Market (DOM) increasing from 135 days in 2023 to 268 days in 2024, indicating properties are taking 66% longer to sell.
Remarkably, properties that sold within 180 days achieved 102% of the list price in 2024, compared to just 84% for properties that took longer to sell. This highlights the impact of extended market time on final sale prices. As a result, the percentage of list price met rose to 93% in 2024, the highest since 2017. This should inform sellers’ decisions to wait too long before selling.
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