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- San Francisco reclaimed its title as the most expensive major metro to buy a home in March<\/i><\/li>\n
- Nationally, the housing market remained sluggish as high costs and economic uncertainty gave buyers and sellers pause<\/i><\/li>\n<\/ul>\n
SEATTLE–(BUSINESS WIRE<\/a>)–
\nThe median home sale price in the San Francisco metropolitan area jumped 14.4% year over year in March to a record $1.7 million, according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n\nThat\u2019s the largest increase since March 2018 and the biggest gain among the 50 most populous metro areas. San Francisco has now reclaimed its title as the major U.S. metro with the highest home prices, eclipsing neighboring San Jose, which held that title for much of 2024 and 2025.<\/p>\n
\nCondo prices in San Francisco rose particularly quickly, posting a 24.4% year-over-year increase last month\u2014the largest since 2013.<\/p>\n
\nSan Francisco\u2019s housing market has been heating up<\/a> as a boom in the artificial intelligence industry and a return to the office have coincided with a lack of inventory.<\/p>\n
\n\u201cA lot of 22-year-olds are getting $500,000 signing bonuses from AI companies, and they\u2019re excited to buy homes,\u201d said local Redfin Premier<\/a> real estate agent Ali Mafi<\/a>. \u201cInventory isn\u2019t keeping up\u2014sellers have been hearing that if they wait<\/a> to sell, they\u2019ll get a better deal. But suddenly, the time to sell is now. We\u2019re seeing quality homes in desirable areas get 20 offers and go for as much as $900,000 over the asking price.\u201d<\/p>\n
\nMafi said sellers should still make sure their homes are in tip-top shape before going to market (cleaning, staging, painting, etc.). Oftentimes, a $20,000 investment there can turn into $100,000 because it helps the home sell for a higher price\u2014especially when demand is so strong, he noted.<\/p>\n
\nThe typical San Francisco home that sold in March went for 8.9% more than its final list price\u2014the largest March premium since 2022. By comparison, the typical U.S. home sold for 1.3% below its final list price\u2014the biggest March discount since 2020.<\/p>\n
Nationally, the Housing Market Remains Sluggish<\/b><\/p>\n
\nThe median U.S. home sale price rose 1.2% year over year in March to $436,733. That\u2019s the fastest growth in five months but remains low by historical standards.<\/p>\n
\nActive listings of U.S. homes for sale fell 0.6% month over month on a seasonally adjusted basis\u2014the largest decline since June 2023. Some sellers have been retreating due to lackluster demand for their homes; pending home sales were little changed from a month earlier (0.1%) on a seasonally adjusted basis in March and fell 2.6% from a year earlier. High home prices, rising<\/a> mortgage rates and economic uncertainty<\/a> have caused many house hunters to stay on the sidelines.<\/p>\n
\nIt\u2019s worth noting that while both buyers and sellers have been retreating, buyers have retreated faster, which means they are far outnumbered<\/a> by sellers. That imbalance is why buyers have negotiating power. Yes, home price growth is inching up, but buyers are also scoring the largest discounts<\/a> in years as sellers watch their homes linger on the market. The typical home that went under contract in March did so in 55 days. That\u2019s the slowest March pace in a decade and is up from 49 days a year earlier.<\/p>\n
March 2026 Housing Market Highlights: United States<\/b><\/p>\n
- Nationally, the housing market remained sluggish as high costs and economic uncertainty gave buyers and sellers pause<\/i><\/li>\n<\/ul>\n
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