First-time homebuyers are putting possibly their entire life savings on the line to score a tiny piece of San Francisco. Where will that money take you the farthest? We've taken a look at Redfin's February data to look at median home prices for condos in SF so you don't have to.
With so little on the market, we saw big swings from month-to-month in any given neighborhood, so we looked at what neighborhoods looked like good bargains over a few months. Consistently low-priced were Diamond Heights at $254,950, likely due to the number of condos for sale at a few complexes, and Western Addition at $365,000, also probably due to listings at a single complex, in this case the St. Francis Square Coop. Western Addition is even down from last month 8.7%, so there may be more room to work it into your budget. Comps are comps, so it's a boon to first-time homebuyers who want to go into a negotiating session with ammo.
Lower Pac Heights and Lower Nob Hill were also on the lower side, with median list prices at $429,000 and $455,000, respectively, which is quite a bit less than neighborhoods like the Mission ($549,900,) the Sunset ($549,000), and the Richmond $552,300), which are less likely to have condo complexes and may only have single family homes. Single family homes are a different beast altogether, and Western districts often seem to offer deals there.
Of course, the conventional wisdom goes that once you're actually ready to settle down, you'll move out of the city. With a median list price for a San Francisco condo at $595,000, you can't blame anyone for looking East. For reference, the median list price in Oakland is $249,000 and in Berkeley is $330,000. Yes, we know that both those cities have neighborhoods of their own that may or may not be great for first-time homebuyers, and they have many fewer condo buildings than SF, but sometimes that commute across the bridge looks better and better to our checkbook.
· 175 Red Rock Way [Redfin]
· 75 Zampa Ln #3 [Redfin]
· 1395 Lyon St #8 [Redfin]
· 901 Bush St #303 [Redfin]