San Francisco 5+ Unit Building Market Report — Q1 2026

San Francisco's 5+ unit apartment building market recorded its highest first-quarter sales total since 2018. Limited housing supply, falling interest rates, and the city's AI-driven renter demand are pushing investors into larger multifamily assets. This builds on 2025's annual sales volume — the highest in over 15 years.

Q1 2026 Prices

Median sale price: $2,650,000 (+10.5% year over year)

Market Conditions

Buyer and renter demand have increased sharply, with large year-over-year gains in both rents and property values. As of April 2026, the market remains largely insulated from broader economic headwinds, with economic indicators trending positively following the April 8th ceasefire announcement.

The full report includes quarterly sales volume since 2016, median price trends back to 2012, and neighborhood-level data for San Francisco multifamily investment properties.

Statistics are general market indicators and are not applicable to any specific property. Contact Allison Chapleau for a comparative market analysis tailored to your property.

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