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5+ Unit Sales Activity Rebounds
The San Francisco 5+ unit apartment building market has seen a significant increase in sales activity in 2026. In Q2 2026, 281 buildings sold, up 70% from the same quarter last year. The median sale price was $2.45 million, an 11% 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. The quarterly data shows sales beginning to recover in 2024 and 2025, followed by a particularly strong increase in 2026.
Apartment Building Values Continue to Recover
San Francisco 5+ unit apartment building values have also moved higher from their recent lows. Median sale prices reached approximately $3.45 million in 2018 before declining during the pandemic and subsequent period of rising interest rates. After reaching approximately $2.48 million in 2024, the median increased to $2.58 million in 2025 and $2.65 million year to date in 2026.
Price per square foot has followed a similar pattern. After reaching approximately $562 per square foot in 2018, values declined to approximately $402 per square foot in 2024 before recovering to approximately $432 per square foot in 2026.
While values remain below their previous peak, the recent trend points to a gradual recovery in San Francisco's 5+ unit market.
A Diverse Market Across San Francisco
Activity continues to vary across San Francisco neighborhoods and property types. Over the past 12 months, the Noe, Eureka & Cole Valleys district recorded the highest number of 5+ unit building sales, followed by the Inner Mission, Bernal & SoMa and Richmond District/Lake Street areas.
Sales have also occurred across a wide range of price points. 5–9 unit buildings accounted for the majority of transactions in many price segments, while larger buildings represented a greater share of sales at higher price points.
What This Means for Owners
The increase in transaction volume and gradual price recovery provide a useful snapshot of where the San Francisco 5+ unit market stands today. With sales activity significantly higher than a year ago, owners considering a sale can look to a growing pool of recent transactions when evaluating current market value.
At the same time, the market remains highly property-specific. Location, unit count, condition, rents and overall property characteristics can all influence how a building compares with recent sales.
For San Francisco apartment building owners, understanding the most recent comparable sales and current pricing trends is an important part of determining the right timing and strategy for a potential sale.
