2-4 Unit Buildings Market Report Q3 2025

Q3 San Francisco 2–4 Unit Market Update

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.

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We’re not back at the 2021 peak yet, but we’re definitely moving in the right direction. Price per square foot is climbing, rents are up, and overall momentum in the multi-unit market is strong.

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Buyers and investors are starting to move again — confidence is creeping back in.

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