San Francisco County - Q1 2025 Market Overview

San Francisco’s housing market in Q1 2025 is following a familiar seasonal rhythm, with inventory beginning to build through the quarter. However, active listings continue a year-over-year downward trend, with fewer homes on the market this March than in the same period of 2024 or 2023, signaling a gradual tightening of overall supply. At the same time, sold listings are up compared to Q1 2024, indicating increased buyer activity and improved absorption. Median sales prices are ranging between $1.2M and $1.5M, slightly higher year-over-year, while average price per square foot has climbed above $1,050. Days on market fell notably in March, to 34 DOM reflecting stronger spring momentum. Though seasonal patterns remain consistent, the year-over-year dip in inventory and rising sales activity point to a market that’s becoming more competitive heading into Q2.