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2–4 Unit Sales Activity Rebounds
The San Francisco 2–4 unit apartment building market has seen a significant increase in sales activity in 2026. In Q2 2026, 156 buildings sold, up 49% from the same quarter last year, while the median sale price reached $2.10 million, a 21% increase year over year.
After several years of reduced transaction activity, the increase in sales suggests that buyers and sellers are becoming more active in the market. Quarterly sales have continued to build from the lower levels seen during the pandemic and subsequent period of rising interest rates.
Apartment Building Values Continue to Recover
San Francisco 2–4 unit building values have recovered from their recent lows, with pricing varying between 2-unit and 3–4 unit properties. Median prices for both property types increased significantly over the past decade before moderating following the market's peak years.
The quarterly data shows median sale prices moving higher in 2026, with the Q2 median reaching $2.10 million. Price per square foot has also remained relatively strong, reflecting continued demand for well-located 2–4 unit properties.
While values have not returned uniformly to their earlier highs, the recent increase in both sales activity and pricing points to a more active San Francisco market.
Buyers Are Active Across San Francisco
Activity continues to vary across San Francisco neighborhoods and property types. Over the past 12 months, the Richmond District/Lake Street, Noe, Eureka & Cole Valleys, and Russian Hill/Nob Hill/Telegraph Hill areas were among the most active markets for 2–4 unit buildings.
The market also continues to attract buyers across a range of property sizes, with both 2-unit and 3–4 unit buildings representing a significant portion of recent transactions.
Stronger Buyer Activity Creates Opportunities for Owners
The latest data points to a meaningful improvement in market activity. In Q2 2026, 58% of active San Francisco 2–4 unit listings went into contract, while the average sale-to-list price ratio reached 109%, indicating strong competition among buyers for properties that attract demand.
For owners considering a sale, the increase in transaction volume, pricing and buyer activity provides a growing pool of recent comparable sales to help evaluate current market value. At the same time, location, property size, condition and individual building characteristics remain important factors in determining how a property will perform.
