San Francisco, CA Housing Market
AI-powered market intelligence for the San Francisco-Oakland-Fremont, CA metro area.
PropertyIQ Scores
San Francisco, CA Market Analysis
Market Overview
San Francisco’s PropertyIQ Score of 70/100 positions the city as a moderately strong market rather than a uniformly hot one. The market’s top score drivers are mixed: the 12-month home value momentum is positive at 1.79%, while the 3-month home value momentum is -0.83%. Median days on market sits at 38 days, and 13.9% of listings have had a price cut. These drivers suggest that while San Francisco remains an expensive and relatively active market, short-term price momentum has cooled.
San Francisco’s key metrics sit far above state averages. The median home value is $1,123,193, compared with the California average of $764,158. The rent index is $3,409, compared with $1,956 statewide. Median household income is $133,780, well above the state average of $96,334, and the unemployment rate is 4.4%, below California’s 5.1%. These comparisons show a market with high costs but also higher income levels and a comparatively stronger employment picture.
Even with those income advantages, the gap between home values and incomes is wider in San Francisco than at the state level. San Francisco’s median home value is roughly 8.4 times its median household income, while the California median home value is about 7.9 times the California median household income. That relative affordability gap is a central feature of the market.
Key Trends
First, short-term price cooling is the clearest trend. The 12-month home value momentum of 1.79% shows some annual appreciation, but the 3-month momentum of -0.83% points to recent softening. The median home value year-over-year change was reported as $-5, essentially flat. This combination indicates that earlier upward pressure has faded or flattened over the most recent period.
Second, market pace remains moderate but not stalled. With median days on market of 38 and 5,495 homes for sale, the data indicates a sizable number of listings. The 13.9% share of listings with a price cut suggests sellers are adjusting to attract buyers, but days on market being just over five weeks indicates that well-priced homes are still moving at a reasonable pace.
Third, affordability is stretched relative to the state. The median home value of $1,123,193 is about 47% higher than the California median of $764,158, while median household income of $133,780 is about 39% higher than the state average of $96,334. Rent follows a similar pattern: the San Francisco rent index of $3,409 is about 74% above the state average of $1,956. Housing costs remain a significant barrier despite above-average incomes.
Fourth, the rental and employment backdrop remains a support. Unemployment in San Francisco is 4.4%, below the state average of 5.1%, and the rent index is well above the state benchmark. That dynamic can support rental demand and owner-occupant demand, though high purchase prices remain a challenge.
Who Is This Market For
Given the data, San Francisco is best suited to buyers and investors who can manage high entry costs. The median home value of $1,123,193 and median household income of $133,780 mean that many traditional first-time buyers may struggle without substantial savings or higher-than-median earnings. Move-up buyers with existing home equity are a more natural fit, especially because the 13.9% share of listings with price cuts and the 38-day median days on market offer some negotiation room.
Long-term rental investors may also find the market attractive because the rent index of $3,409 is far above the state average of $1,956. That rent level, combined with a 4.4% unemployment rate and median household income of $133,780, points to a tenant base with relatively high earning capacity. However, the high median home value means initial capital requirements are steep, and the short-term home value momentum of -0.83% does not point to quick-flip returns. This market appears more aligned with long-term ownership or rental income strategies than with short-term speculation.
Outlook
The near-term data suggests a flattening-to-cooling market rather than rapid appreciation. Positive 12-month home value momentum of 1.79% is offset by negative 3-month momentum of -0.83% and a year-over-year median home value change of $-5. The 13.9% share of listings with price cuts and 38 median days on market point to a more balanced or slightly buyer-friendly environment, while 5,495 homes for sale gives buyers options. At the same time, a 4.4% unemployment rate and above-average median household income support underlying demand. Population growth data is not available, so longer-term demographic pressure cannot be assessed from the provided numbers. Based only on these metrics, San Francisco looks set for a period of stable or mildly cooling conditions rather than sharp price gains.
AI-generated analysis based on current market data. Last updated September 25, 2026.
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San Francisco, CA market data
San Francisco, CA Housing Market Overview
San Francisco, CA's median home value is $1.1M, up 1.8% over the past year. Homes here sell in a median 38 days. Its PropertyIQ Score of 70 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
Whether you're considering buying a home, investing in rental property, or weighing entry timing in the San Francisco, CA area, the PropertyIQ Score gives you a single, data-first read on relative market strength. It is validated against actual market outcomes from 2001 to 2023, with a positive score-to-return relationship in every validated year across CA and every other US state.
Pacific Coast housing markets feature the nation's highest price points alongside strong wage growth from technology, entertainment, and trade sectors. Supply constraints from geographic barriers and regulatory environments create persistent affordability challenges but also strong long-term appreciation potential. Within the Pacific, San Francisco, CA's PropertyIQ Score of 70 ranks among the Pacific's stronger demand signals.
California's housing market is defined by extreme supply-demand imbalance, with CEQA regulations and geographic constraints limiting new construction. Despite affordability challenges, strong wage growth in tech and entertainment sectors sustains prices.
The PropertyIQ Score for the San Francisco, CA market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 1.8% over the past year.
Explore the interactive map to see how San Francisco, CA compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the San Francisco, CA metro area
ZIP codes in the San Francisco, CA metro area
View all 165 →Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is San Francisco, CA a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. San Francisco, CA currently scores 70, a rising-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $1.1M, up 1.8% over the past year. So whether San Francisco, CA is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for San Francisco, CA?
San Francisco, CA's PropertyIQ Score is 70, indicating rising momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 70 places San Francisco, CA above its state benchmark.
Are home prices in San Francisco, CA rising or falling?
Home prices in San Francisco, CA are rising. Over the past year, the median home value increased 1.8%, reaching $1.1M. Over the latest three months, values slipped 0.8%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind San Francisco, CA's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in San Francisco, CA?
In San Francisco, CA, homes sell in a median of 38 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 14% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This San Francisco, CA market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.