The Lurie Group
San Francisco 2023 September Real Estate Report

San Francisco 2023 September Real Estate Report

  • Alexander Lurie
  • September 15, 2023

San Francisco Real Estate
September 2023 Report

“The surprisingly quick recovery [of the housing market] suggests that the residential real-estate
downturn is turning out to be shorter and shallower than many housing economists expected
after mortgage rates soared last year...There still aren’t enough homes for sale to meet demand.”
The Wall Street Journal, “The Fall in Home Prices May Already Be Over,” 9/8/23

Generally speaking, the market rebounded much more strongly in 2023 than seemed possible at
the end of 2022, when, after hitting historic peaks during the pandemic boom, economic and
demand indicators hit their lowest points since the great recession. The decline in the number of
sellers putting their homes on the market continues to be a factor in the balance between supply
and demand, in the recovery in home prices, and the decline of overall sales volumes. In San
Francisco, the situation is a little more complicated, with distinct differences between the house
and condo markets, and between condo markets in different parts of the city (differences which
are illustrated in this report). In August, the average, weekly, 30-year mortgage rate, as published
by FHLMC, ticked back up over 7%, a situation which continues to impact housing affordability.
Perhaps in response, the percentage of buyers paying all cash has generally been running at its
highest national level in 8 years.

After the usual summer slowdown from spring, the autumn selling season began after Labor Day
and runs until early-mid November, when the market typically begins its big, mid-winter holiday
slowdown. By Thanksgiving, the number of new listings coming on market has plummeted, and
December commonly sees by far the lowest level of monthly sales activity.

But, in the meantime, we expect to see substantial activity this fall. Historically speaking,
September is often the single month of the year with the highest number of new listings. Luxury
home listings in San Francisco commonly see a particularly large spike in autumn sales.

San Francisco real estate market report text discussing recovery, mortgage rates, and autumn listings, with a Wall Street Journal quote.

Chart of San Francisco median house prices, 1990–2023, peaking above $2 million in 2022 before declining.

San Francisco rolling median house prices by bedroom count, 2005–2023, with the 2022 peak and pandemic marker.

San Francisco home price chart shows declines since 2022 and 2020, and long-term appreciation of up to 478% since 1995.

San Francisco home price change chart: year-over-year declines narrowed from 20% in spring 2023 to 10% in August.

San Francisco six-month home sales pie chart by price range, with bedroom-count totals and Compass branding.

Chart of San Francisco condo prices from 2005 to 2023, with prices peaking near $1.3 million in 2022.

Chart of San Francisco condo price appreciation, showing a 5% annual decline and 365% appreciation since 1995.

Chart of San Francisco condo prices from 2005 to 2023, with separate lines for three-bedroom, two-bedroom, and smaller condos.

Chart comparing San Francisco downtown and non-downtown condo median sale prices from 2005 to 2023.

Pie chart of San Francisco condo, co-op, townhouse, and TIC sales by price segment, with unit-size totals and market notes.

San Francisco active and coming-soon listing counts by price segment and median asking prices as of September 7, 2023.

San Francisco days-on-market chart comparing condos and houses from 2019 through August 2023.

San Francisco monthly home sales over list price, January 2018–August 2023.

San Francisco home sale price chart comparing houses and condos from 2019 to 2023, with seasonal annotations.

Chart of San Francisco active and coming-soon home listings from February 2022 to September 2023.

Bar chart of San Francisco active listings, January 2019–July 2023, with a post-pandemic supply spike and seasonal trends.

San Francisco listings going into contract, August 2021–August 2023, shown as a green seasonal trend line.

Bar chart of monthly San Francisco home sales from January 2019 to August 2023, peaking in June 2021.

Chart comparing monthly San Francisco home sales above $3 million and $5 million from 2019 to 2023.

Bar chart of U.S. all-cash home buyers, 2015–2023, peaking near 28% in early 2023.

Chart of 30-year mortgage rates from January 2022 to September 2023, climbing from about 3% to 7.12%.

Chart of 2023 Nasdaq and S&P 500 gains, ending at 33% and 17% respectively.

Real estate report disclaimer explaining statistics, valuation metrics, data limitations, and Compass’s legal notice.

Alexander Lurie smiling in a dark blazer and striped shirt.

Meet Alexander

Meet Alexander Lurie

Alexander Fromm Lurie is a highly accomplished San Francisco real estate professional and the leader of The Lurie Group, a top-performing team recognized among the top 1% of agents in the city. With over a decade of experience in the real estate industry and California DRE License #01952347, Alexander has built a reputation for delivering exceptional results, with hundreds of homes sold and over $1 billion in total sales volume. Born and raised in San Francisco, he brings deep local expertise, generational knowledge of the Bay Area, and a strong connection to the community into every client relationship. His approach goes beyond transactions—focusing on helping clients build meaningful connections to neighborhoods, schools, and local culture while navigating the buying or selling process with confidence.

Alexander’s background in management consulting and entrepreneurship further strengthens his strategic approach to real estate, allowing him to provide clients with a competitive edge in pricing, negotiation, and marketing. Known for his integrity, discretion, and client-first mindset, he continues to be a trusted advisor for buyers, sellers, and investors across San Francisco’s dynamic real estate market.

Alexander Lurie

Founder | Real Estate Advisor
LICENSE NUMBER
01952347
ADDRESS
629 Divisadero Ave, San Francisco, CA 94117

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