This month in SF real estate, we saw some major sales, market shifts, and helpful tips for buyers and sellers alike. If you missed any of our posts, here’s a quick recap of what went down!
Big Sales & Overbids
San Francisco’s housing market in 2024 saw some of the most expensive homes ever sold!
Some homes in SF flew off the market with massive over-asking sales!
- 1619 Noe Street went for over $650K above asking—even with a kitchen that could use some updates. Noe Valley demand is still going strong.
- 39 Genoa Place sold for $2,251,500—a whopping $526,500 over asking!
Market Update: What’s Happening Right Now?
The latest numbers are in for January, and SF real estate is still keeping us on our toes:
- Single-family home prices are up 5% year-over-year
- Condos? A slight 1% dip
- Mortgage rates are hovering near 7%, making buyers think twice
- Inventory dropped by 51%—houses are selling faster than new listings are hitting the market
- New listings rose 16%, pushing home sales up 8%
Buying in SF: Hot vs. Not
Thinking of buying? It depends on your budget:
- Under $2M: Competition is fierce in neighborhoods like the Sunset, Parkside, and Richmond. Multiple offers are the norm.
- Over $2M: The higher-end market is cooling a bit, which could mean more negotiating power for buyers
First-Time Buyers: Affordable Options Exist
San Francisco’s Below Market Rate (BMR) program gave first-time buyers a shot at homeownership this year. If you’re hoping to buy without breaking the bank, BMR properties might be worth looking into!
Moving Soon? Here’s Your Essential Checklist
Make your move stress-free with these must-dos:
- Set up utilities before you move in
- Update your address everywhere (seriously, don’t forget your Amazon account!)
- Introduce yourself to the neighbors (or at least try not to annoy them right away)
- Check smoke detectors and security systems
Just Closed: 4 Oakhurst Rd in San Rafael
This 3-level home with a detached ADU just closed for $1,705,000 after some serious negotiations:
- $90K price cut
- $10K seller credit
- 60-day escrow
Our buyers scored an incredible deal at just $468/sqft, making it a great investment property.
That’s a wrap for this month! If you’re thinking about buying, selling, or just staying on top of SF real estate, follow us on Instagram for the latest updates. Got questions? Send us a DM. We’d love to chat.