San Francisco median home price reaches record $1.7 million

The latest real‑estate data released by the city’s housing authority shows that the median price of a residential property has climbed to $1.7 million, the highest level recorded to date. The figure, derived from a comprehensive survey of sales transactions over the past year, marks a significant increase from the previous median of $1.5 million reported in the 2023 report.

Experts attribute the rise to a combination of sustained demand in the urban core, limited new housing supply, and a tightening of mortgage lending standards. The city’s planning department noted that the number of completed residential units in the last fiscal year fell short of the projected target, while the average days on market for homes above $1 million dropped to 45 days from 60 days in 2022. These dynamics have contributed to a tighter market and higher prices for middle‑income buyers.

The housing authority will monitor the trend closely as it considers policy options to increase affordability. While the record median price underscores the city’s continued appeal to investors and high‑income residents, it also highlights the growing challenge of ensuring that new homes remain accessible to a broader range of buyers.