The Local Lowdown: December 2025

Michelle Kim | December 31, 2025

The Local Lowdown

Quick Take:

Median sale prices skyrocketed in San Francisco on a year-over-year basis in November.
Inventories declined by more than 40% across the board in San Francisco.
The average single-family home sold for in just 13 days.

The median single-family home sold for 15.82% more than it did last year

In the month of November, we saw median sale prices soar on a year-over-year basis. Typically, we see a drastic decline in median sale price from October to November, but we didn’t see that this year. The decrease in median sale price was very modest, which resulted in the median sale price of single-family homes increasing by 15.82%, and the median sale price of condos increasing by 9.36% year-over-year. Additionally, single-family homes are selling for the highest premium that we’ve seen in the past three years, with the average home selling for 16% over the original asking price!

There are only 553 homes for sale in San Francisco

Inventory levels have reached the lowest levels we’ve seen in the past three years, which is concerning, as we typically see further declines in inventory in December. On a year-over-year basis, single-family home inventories declined by 44.84%, and condo inventories declined by 41.90%. Unfortunately, there is no end in sight for the inventory glut that we’ve been experiencing over the past couple of years. If there are further rate cuts in the future, that may incentivize people to move, which would give the market some much-needed fresh inventory!

As inventories dwindle away, listings are getting bought up at a breakneck pace

Since inventories are declining steadily over time, listings are spending less and less time on the market. The average single-family home in San Francisco is selling in just 13 days. This represents a 13.33% year-over-year decrease. Likewise, condos are moving incredibly quickly as well, with the average condo selling in just 35 days, representing a 30% year-over-year decline. Unfortunately, this means that buyers don’t have time to ponder an offer before they make it, and this issue won’t resolve itself until the market is able to absorb some inventory!

The entire San Francisco market is a sellers market

When determining whether a market is a buyers’ market or a sellers’ market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a sellers’ market, whereas markets with more than three months of MSI are considered buyers’ markets.

With just 0.8 months of single-family home inventory and 2.1 months of condo inventory on the market, the entire San Francisco market has become a deeply entrenched seller's market. It does not appear that this will change any time soon!

Local Lowdown Data

Chart of San Francisco year-over-year price changes for single-family homes and condos, December 2024–November 2025. San Francisco median price chart, with single-family homes above condos from November 2022 to November 2025. Chart comparing San Francisco single-family home and condo average percentages of original price, November 2022–November 2025. Chart of San Francisco single-family home listings, showing monthly new, sold, and for-sale listings from November 2023 to November 2025. San Francisco condo inventory chart showing monthly new, sold, and for-sale listings from November 2023 to November 2025. Line chart comparing San Francisco condo and single-family home days on market, November 2023 to November 2025. San Francisco days-on-market chart comparing condos and single-family homes from November 2023 to November 2025.