San Francisco's rental market prices surged past those of Manhattan's earlier this summer, and now it looks as if our home prices have also hit the number one spot by beating out the Big Apple. According to a new report from real estate website PropertyShark, the median home price in San Francisco was $1.185 million in Quarter Two of this year, topping Manhattan by an astonishing $230,000. San Francisco's figure is up 20% from the same time last year, and the median price per square foot of $915 is up 15% year-on-year. The most expensive zip code in the city, with a median price of $2.2 million was 94123, which encompasses the Marina and Cow Hollow. The cheapest zip code, 94124, belongs to the Bayview, Hunters Point, and Visitacion Valley and had a median price of $635,000.
While the number of homes sold was down due to the serious supply constraint in the city, the sales volume during Quarter Two hit $2.54 billion, its highest figure ever. The report also noted that 108 homes sold for more than $3 million, a significant jump over previous years. The zip code that saw the most transactions, with 130, was 94110, which holds the Mission and Bernal Heights. It was followed closely by 94107, which holds Potrero Hill, the Dogpatch, South Beach, and parts of SoMa.
So now that San Francisco's housing prices tower above Manhattan's in every way, what comes next? If the past quarter is any indication, there are few signs of slowing down anytime soon.
· SF's Median Asking Rent for a One-Bedroom Tops Manhattan's [Curbed SF]
· San Francisco Home Prices Hit an All-Time High in Q2 2015 [PropertyShark]