The Snow Report

Interpreting San Francisco real estate beyond the headlines

San Francisco Spring Market: Tight Supply, Real Momentum

In March, San Francisco single-family home prices hit an all-time record. The median sale came in at $2.15M — ahead of the previous peak from April 2022.

The market has picked up quickly this spring — and in San Francisco, it’s not subtle.

Homes are moving faster. Competition is back. And in many cases, prices are pushing well beyond asking.

This isn’t happening because everything is perfect.
It’s happening because there simply aren’t enough homes for the number of buyers in the market right now.

What’s Driving the Market Right Now

March 2026

At a high level, the story is straightforward:

  • Inventory remains historically low

  • Buyers are active and decisive

  • And when something comes to market that makes sense, it’s getting absorbed quickly

That combination is what’s driving the pace — and the pricing.

Nationally, there are signs of inventory building.
San Francisco is not seeing that in a meaningful way yet.


Inventory is down nearly 40% year-over-year — and buyers are acting like it.

There are currently just ~200 single-family homes on the market citywide — still well below normal for this time of year.

Single-family homes are Leading

The strongest activity is on the single-family side.

We’re seeing:

  • Median SFH price: $2.15M — a new all-time record, ahead of the April 2022 peak

  • Inventory is down 34% year-over-year

  • Average market time around 12 days

That’s not just a strong market — it’s a constrained one.

In practical terms, when a house comes up in a neighborhood buyers already understand — the Sunset, Richmond, Noe — it doesn’t need time to find its market.

The demand is already there.

Condos Are Improving - With More Variability

Condos are improving, but buyers still have options.

Condos are having a strong start to the year, but the pace is more measured.

  • Median condo price: $1.35M (second highest ever, behind $1.375M in April 2022)

  • Condo inventory: 454 units, down 34% YOY

  • Average days on market: 14 days

  • Condo market has shifted from buyer-leaning last year to a seller's market now

  • 2.3 months of supply

There’s still enough inventory that buyers can be particular.

Units that feel straightforward — good light, functional layout, no obvious compromises — are moving quickly. The rest are taking longer to find their buyer.

Speed Is Up — And It’s Supply Driven

You’ll see average times for homes to sell, 10–14 You’ll see average times for homes to sell — roughly 10–14 days.

In this market, that speed is real.

It’s not just about presentation or timing.
It’s the result of very limited inventory meeting a buyer pool that’s ready to act.

When a home comes to market and checks the basic boxes — location, workable layout, reasonable pricing — buyers are not waiting around.

On average, homes are selling in roughly 12–14 days — but that number reflects how quickly buyers are stepping in, not just how homes are being marketed.

Inventory Remains The Key Issue

Despite the typical spring lift, inventory is still dramatically below where it was a year ago.

  • Single-family inventory is down roughly 35–40% year-over-year

  • Condo inventory is also significantly constrained

  • Across the city, total available homes remain unusually low

Until more sellers decide to come to market, that imbalance will continue to drive competition.

Until more sellers decide to come to market, that imbalance is likely to continue driving competition.

For Sellers: The Window Is Open

This is a strong moment for sellers — particularly for single-family homes.

The demand is there. The competition is real. And the market is moving quickly.

Nearly 30% of all SF sales this year have been all-cash — and above $3M, that's closer to half. These are confident, decisive buyers.

That said, outcomes are still being shaped early:

  • Pricing sets the tone

  • Preparation still matters

  • And the first week on the market carries a lot of weight

The opportunity is clear — but it still rewards thoughtful strategy.

For Buyers: You Need to Be Ready

This is not a casual market.

  • The best opportunities are moving quickly

  • Competition is strongest on well-located homes

  • And strong terms often make the difference

Mortgage rates have been moving around — dipping below 6% briefly before bouncing back into the mid-6s. Most buyers we're working with aren't waiting on rates. They're moving when the right property comes up.

That said, it's not impossible — it just requires preparation and clarity around where to be aggressive and where not to be.

Data source: San Francisco Association of REALTORS® (SFARMLS). Statistics reflect single-family and condominium sales within San Francisco County.

What I’m watching next:

Nationally, new listings were up more than 20% in March. San Francisco is not seeing that. Inventory here remains down 34% year-over-year, and there's little sign that's changing.

Until more sellers decide to move, the imbalance between supply and demand is likely to continue driving competition — and prices — through the rest of spring.

Final thought:

This is a supply-constrained market, not just an overheated one.

Single-family homes are driving the momentum.
Condos are improving, but with more variability.

And right now, more than anything, the pace of the market is being set by one thing:

there simply aren’t enough homes to meet the demand that’s already here.

Thinking About Your Next Move?

If you’re trying to understand how this market applies to your home — or your search — I’m always happy to talk it through. Learn more about how I work with buyers and sellers.