San Francisco Market Report - November 2025

The real estate landscape continues to evolve, and this season is bringing a refreshing shift - both nationally and here in San Francisco’s luxury market. According to the National Association of REALTORS® (NAR), existing home sales rose 1.2% last month to an annual rate of 4.10 million as buyers stepped back into the market, encouraged by softening mortgage rates. Year-over-year, national sales have climbed 1.7%, driven by gains in most regions, though the West remains slightly behind - an important factor for Bay Area sellers evaluating timing and strategy. Here in San Francisco, we are seeing a unique blend of tightening inventory, strong buyer demand, and renewed confidence at the higher end of the market. New listings for single-family homes fell 7.8%, while Condo/TIC/Coop listings increased 12.6%, giving buyers more options in the urban luxury segment. Pending Sales also rose - 6.0% for single-family homes and an impressive 15.8% for condos - showing that well-priced, well-presented homes are still moving quickly.

Prices continue to tell a compelling story: the median sales price for single-family homes increased 15.4% to $1,800,000, while condos rose 7.1% to $1,200,000. At the same time, Months Supply of Inventory declined sharply - down 43.8% for single-family homes and 45% for condos. Low supply and steady demand are supporting values and creating opportunities for sellers who may have been waiting for a more favorable moment.

National inventory trends mirror what we’re seeing locally: total supply dipped slightly month-over-month but is up 10.9% year-over-year, now sitting at 1.52 million units. Even with this increase, inventory is still modest. At the current sales pace, the U.S. sits at 4.4 months of supply—higher than last year, yet still below what’s considered a balanced market. This has helped keep prices rising for 28 consecutive months, with the national median home price now at $415,200.

What This Means for Today’s Buyers and Sellers

For Sellers:
This is a window of opportunity. Luxury buyers are re-entering the market with more confidence, encouraged by stabilized rates and limited competition among high-end listings. With inventory tightening and prices trending upward, strategically bringing a home to market now—especially with elevated marketing, global outreach, and strong representation—can result in faster, more compelling offers.

For Buyers:
This time of year traditionally brings more motivated sellers and less competition. With mortgage rates easing and more luxury inventory emerging in the condo and TIC segment, buyers have a brief advantage to secure properties before activity accelerates again in early spring. Those who act quickly benefit from today’s conditions while still being positioned for future appreciation driven by strong long-term demand in San Francisco.

Whether you’re exploring your next move or simply curious how these trends impact the value of your property, I’m always here as a resource. The Bay Area market is nuanced—and opportunities exist for those who navigate it strategically.

If you’d like a personalized update or a confidential discussion about your home’s current market position, I’d be happy to schedule a call or visit at your convenience.