San Francisco Market Reports

Demand is up, inventory is down — and the data hasn’t quite caught up to what’s really happening in the market.

Noe Valley and the Richmond District have been the hot spots this quarter; no surprise there. These neighborhoods continue to lead demand for 2–4 unit buildings, and activity has picked up more than we’ve seen since 2021.

San Francisco’s 2–4 unit building market rebounded in Q2 2025, with 114 sales closing — up 14% from a year ago and a clear improvement over the slower pace in Q1. Demand accelerated through the quarter, with June marking the highest monthly count of listings going into contract since spring 2022.

The San Francisco 5+ unit apartment building market remained on solid footing in Q2 2025 as rental rates continued to climb, bolstering investor confidence.

San Francisco’s multifamily market saw a meaningful uptick in activity in Q1 2025, with 32 five-plus unit apartment buildings sold—the highest number of quarterly sales since mid-2022.

San Francisco’s 2–4 unit building market entered 2025 with encouraging momentum. While the first quarter is often quieter, sales activity was higher than the same time last year — a strong start to what’s expected to be an active spring season.

Many owner-occupant buyers who locked in historically low mortgage rates in prior years are opting to stay put, rather than sell and take on much higher borrowing costs.

The last quarter of 2024 was the most active period for San Francisco's 5+ unit apartment building market in over eight years, marking a significant rebound.

Explore key trends in San Francisco's 5+ unit multi-family market in our Q3 October 2024 report. Sales rise amid rate cuts, yet values lag behind pre-pandemic levels.