San Francisco Median Home Price Climbs 18% to $2.15M on AI Boom
San Francisco's median home sales price surged to $2.15M in March, an 18% year-over-year increase, while median condo prices jumped 27% to $1.36M as listings fell 28%. Luxury sales also hit record highs with 22 homes over $5M and 24 condos above $3M, fueled by AI-driven tech hiring.
1. Record SF Home Prices
Compass data show March median home price in San Francisco reached $2.15 million, surpassing the April 2022 peak of $2 million and representing an 18% year-over-year increase.
2. AI-Driven Demand Surge
The surge in AI startup investment and hiring by major tech firms has generated new employment and wealth, underpinning the city's booming housing demand and offsetting broader economic headwinds.
3. Luxury Market Expansion
High-end transactions hit new highs with 22 single-family homes selling for over $5 million and 24 condos trading above $3 million in March, exceeding luxury market peaks seen in 2021.
4. Supply Shortfall Intensifies
The number of homes listed for sale dropped 28% year-over-year, intensifying buyer competition and pressurizing market dynamics as demand continues to outpace the limited supply.