San Francisco Real Estate
May 2025 Report
Economic Volatility Injects Uncertainty into Spring Market,
But San Francisco’s House Market Remains Surprisingly Strong
While most of the Bay Area saw significant shifts to more uncertain and uneven markets in April, the
SF house market remained characterized by robust demand, though its condo market remained much
softer. However, there were indications of increased hesitancy among some buyers as they tried to
come to terms with new economic uncertainties both personal and macroeconomic.
Year over year, the supply of homes for sale rose about 9%, a far smaller increase than in other local
markets, some of which saw jumps of 70% or more. The number of listings going into contract in
April ticked up slightly, though the number of closed sales fell. The quantity of price reductions,
which soared in most Bay Area Counties, remained flat from last year. The 3-month-rolling SF median
house sales price was unchanged from April 2024, while the median condo sales price declined.
The homes seeing highest demand, and most likely to sell quickly with multiple offers, are houses in
absolute move-in condition, often professionally staged, aggressively priced, and in prime locations.
As of early May, the Fed kept its benchmark rate unchanged, mortgage rates continued to hover near
7%, but stock markets substantially recovered from early-April plunges. Consumer confidence saw
precipitous declines last month amid the enormous political/economic volatility. Specific San
Francisco market data follows in this report but note that April sales statistics reflect many
transactions that went into contract before the severe financial market conditions which began early
in the month. May sales data may better reflect April market conditions.
This analysis and data were compiled by our friend Patrick Carlisle at Compass.
