The San Francisco housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the San Francisco metro area stands at $1,379,000, reflecting a slight decrease of 1.5% year-over-year (YoY). In contrast, the Median List Price has increased by 8.1% YoY, reaching $1,349,450. This divergence between sales and list prices suggests a potential shift in seller expectations versus buyer willingness.

Analyzing Price Per Square Foot, the Median Sales Price per square foot is $927.21, marking a modest increase of 2.6% YoY. However, the Median List Price per square foot has decreased by 2.2% YoY to $928.50. This indicates a potential recalibration in the market as sellers adjust their pricing strategies to align with buyer demand.

In terms of sales activity, the number of Homes Sold has risen by 6.2% YoY, totaling 466 transactions. Meanwhile, Pending Sales have slightly decreased by 0.2% YoY, with 555 homes under contract. New Listings have surged by 14.6% YoY, reaching 1,046, which could indicate increased seller confidence or a response to the rising list prices.

Inventory levels have remained relatively stable with a marginal increase of 0.3% YoY, totaling 1,317 homes. The Months of Supply, however, have decreased significantly by 20.0% YoY to 2.8 months, suggesting a tighter market with faster turnover. The Median Days on Market have also decreased by 13.0% YoY, now averaging 52 days, further emphasizing the brisk pace of sales.

The average sale to list ratio has improved by 2.9% YoY, reaching 102.3%, indicating that homes are selling above their list prices more frequently. This is supported by the sold above list ratio, which has increased by 9.0% YoY to 42.3%. Despite these positive indicators, the percentage of Price Drops has slightly decreased by 0.3% YoY, now at 13.0%, suggesting that while some sellers are adjusting prices, the overall market remains competitive.

Finally, the percentage of homes going off the market within two weeks has increased by 4.8% YoY, now at 52.1%. This rapid turnover highlights the continued demand and urgency among buyers in the San Francisco metro area.