The San Francisco metro area housing market in February 2025 presents a dynamic landscape characterized by notable price increases and shifting sales dynamics. The Median Sales Price has surged to $1,500,000, marking a significant year-over-year increase of 9.1%. This upward trend in sales prices is mirrored by the Median List Price, which stands at $1,399,888, reflecting a more modest year-over-year growth of 3.8%.

Despite the increase in sales prices, the market is experiencing a slight decline in the number of Homes Sold, with a total of 618 Homes Sold, representing a 2.8% decrease compared to the previous year. However, the number of Pending Sales has risen sharply by 18.9%, indicating strong buyer interest and potential future sales activity.

New Listings have increased by 5.8% year-over-year, reaching a total of 1,113, while inventory levels have also grown by 3.8%, totaling 1,600 homes. This increase in inventory is accompanied by a rise in the Months of Supply, which now stands at 2.60 months, a 20.0% increase from the previous year. These figures suggest a gradual shift towards a more balanced market, although the demand remains robust.

The median Price Per Square Foot has seen a marginal increase of 0.5%, reaching $986.84, while the Median List Price per square foot has decreased by 1.9%, now at $952.27. This divergence indicates a potential adjustment in seller expectations and pricing strategies.

Homes are selling quickly, with the median days on the market decreasing by 3.0% to just 15 days. The average sale to list ratio has improved to 105.9%, a 2.6% increase year-over-year, suggesting that homes are frequently selling above the asking price. This is further supported by the sold above list ratio, which has risen by 9.0% to 58.4%.

Price Drops have increased slightly by 2.1%, now affecting 15.6% of listings. Meanwhile, the percentage of homes going off the market within two weeks has surged by 16.4%, reaching 49.8%, indicating a competitive market environment where well-priced homes are quickly snapped up by eager buyers.

Overall, the San Francisco housing market in February 2025 is characterized by rising prices, strong buyer demand, and a competitive sales environment. While the number of Homes Sold has decreased slightly, the increase in Pending Sales and New Listings suggests continued activity and interest in this vibrant market.