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San Francisco Median Home Price Sets New Record; Surpasses Manhattan by $230K, says PropertyShark.com

Industry: Real Estate

San Francisco home prices reach new all-time high, the $1,185,000 median making the city’s housing $230,000 more expensive than Manhattan

San Francisco, CA (PRUnderground) August 5th, 2015

While sky-high home prices are the norm for San Francisco, Q2 sales data brings forth whole new records in terms of price. The median sale price for San Francisco homes reached $1,185,000 in the second quarter of 2015 – a 20% Y-o-Y increase – surpassing even Manhattan’s hefty median sale price ($955,000) by an astounding $230,000.

PropertyShark.com data shows that the median price per square foot also hit an all-time-high of $915 in Q2 2015, which stands as a 15% increase Y-o-Y and 10% Q-o-Q. While median sale prices were up for all property classes, condo prices were up 22% from last year, with a $1,100,000 median.

The total number of transactions (1,691) registered a 5% decrease Y-o-Y, but the high-end segment performed strongly, driving a new sales volume record for the area – over $2.5 billion. Luxury sales – properties sold for over $3 million – were up 24% Y-o-Y despite a steep drop in Q1 and amounted to 6% of all residential sales recorded in the past quarter. 2701 Broadway’s $31 million sale was the most expensive transaction.

San Francisco’s most expensive zip code – 94123 – had a median sale price of $2,275,000, while 94124 was the cheapest zip code. The median sale price of $653,000 may make 94124 the cheapest zip in the city, but it’s still nearly 3 times the national average in terms of median home sale prices.

For more information, visit the PropertyShark blog; full Q2 2015 report also available for download.

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