The Local Lowdown

Single-family prices cool from the peak but stay far above last summer

July brought a slight breather to San Francisco's single-family market, with the median sale price settling at $2,050,000 after four consecutive months above $2.1 million. A 4.65% dip from June's peak is worth noting... but the year-over-year picture puts it in proper perspective. Prices are still up 24.87% from the $1,641,750 median recorded last July. And with the single-family median now having spent six straight months above the $2 million mark, what looks like a pullback is really just a natural pause at an extraordinary level.

The condo market actually moved in the opposite direction this month, gaining 4.17% from June to reach $1,250,000... and posting an 8.93% year-over-year increase from $1,147,500 last July. That's a meaningful improvement from the flat annual comparisons condos were producing earlier this summer, and a sign that momentum in that segment is building in a real way.

The bidding dynamics tell the rest of the story. Single-family homes are still selling for an average of 26% above their original list price... the highest level in recent memory and well above the 11% premium buyers were paying this time last year. Condos averaged 4% over asking... down slightly from June but a dramatic improvement from the 3% discount that was typical a year ago. Both property types are commanding premiums, and that says everything about where demand really stands.

Inventory holds near record lows as condo listings thin out further

The supply picture remains the defining feature of this market... and it's not getting any easier for buyers. As of July, there are just 154 single-family homes for sale across all of San Francisco... down 42.11% from the 266 available last July. That figure is essentially flat with June's 151, suggesting the market may have found a floor... but it's a remarkably low floor by any historical standard.

Condo inventory continued to shrink as well, falling 13.5% from June to just 353 units... and down 43.16% from 621 a year ago. Combined, that leaves barely 500 homes of any type available for sale in a city of this size. That number alone captures just how constrained this market really is.

What makes the condo inventory decline particularly notable is that it's not a lack of sellers driving it. New condo listings in July totaled 210... essentially unchanged from last July. The real story is absorption. With 245 condos selling in July... a 39.2% jump from 176 a year ago... the market is simply eating through supply faster than it's being replenished. On the single-family side, new listings actually rose 13.5% year-over-year to 185, while sales came in at 177. Sellers are showing up... just not fast enough to give buyers meaningful options.

Days on market tell two very different stories

Single-family homes averaged 13 days on market in July... ticking up just one day from the 12-day pace that held steady from February through June. It's a marginal shift, and still 7.14% faster than last July's 14-day average... but it's worth flagging as the first upward movement in six months. One data point doesn't make a trend, but it's something to watch as we head into fall.

The condo market is where the real transformation has happened. Condos averaged just 20 days on market in July... down from 23 in June, and a stunning 53.49% faster than the 43 days condos were taking last July. For context, San Francisco condos typically slow noticeably in the summer months... last August they were averaging 51 days. This year that seasonal drag has largely disappeared. Both property types are now clearing in under three weeks, which is a fundamentally different market than what buyers were navigating just twelve months ago.

Sellers keep the upper hand across both property types

One of the clearest ways to read a market is through Months of Supply Inventory, or MSI. California historically averages around three months... which is considered balanced. Below three months favors sellers. Above three months shifts the advantage toward buyers.

San Francisco is firmly in seller's territory across both property types... and the numbers are striking. Single-family homes carry just 0.8 months of supply... unchanged from June and down 42.86% from 1.4 months last July. At the current pace of sales, every available single-family home in the city would be gone in roughly 24 days. That's not a seller's market... that's a near-complete absence of inventory.

The condo segment tells an equally compelling story. Just a year ago, condos sat at 3.6 months of supply... hovering near balanced territory. Today that number has dropped to 1.7 months... a 52.78% decline and the lowest reading since December. The negotiating room that condo buyers enjoyed throughout much of 2024 and early 2025 has essentially evaporated. With both property types under two months of supply, homes clearing in under three weeks, and above-asking premiums holding firm... sellers are heading into fall with substantial leverage across the board.

Bottom Line

July's data tells a clear and consistent story about where San Francisco's market stands right now. Single-family prices pulled back slightly from their June peak but remain nearly 25% above last year's levels... a number that puts the so-called "cooldown" in its proper context. Condos are gaining momentum, moving faster, and commanding premiums that buyers simply weren't facing a year ago. And across both property types, inventory is hovering near historic lows with no meaningful relief in sight.

For sellers, the conditions heading into fall are as favorable as they've been in years. Limited competition, motivated buyers, and above-asking offers are defining this market in a way that rewards those who price and present their homes thoughtfully. For buyers, the landscape requires a different kind of readiness... not just financial preparation, but mental clarity about what you want and the confidence to move when it appears. The window between seeing a home and needing to make a decision has never been shorter in San Francisco. Working with someone who knows this market deeply... who can help you move quickly without moving recklessly... is what separates the buyers who succeed here from the ones who keep waiting for the right moment that never quite comes.