In 2011, everything seemed to start changing in San Francisco's housing market. The downturn that began back in 2008 was ending, and the new boom was about to begin. Paragon Real Estate has dug into the data since that time and broken down the wild price increases over the past few years by neighborhood. Back in 2011, the median single family home prices weren't cheap in Pacific Heights at $3.225 million, but now that figure has risen to $5.6385 million, the biggest raw increase in the city. House prices in the Mission have more than doubled from a median of $740,000 to a whopping $1.677 million.
In the Marina, prices have soared from a median of $1.975 million to $3.6653 million, a jump of 85 percent over four years. Noe Valley has risen from $1.35 million to $2.25 million, a 67 percent increase, and the Central Richmond has gone from $860,000 to $1.585 million, an 84 percent rise. In traditionally lower-priced neighborhoods, the increases have been just as dramatic. The Bayview has gone up more than 100 percent from $300,000 to $670,000, as has the Outer Richmond from $680,000 to $1.295 million.
Condo prices are on the upswing, too. Increases in Russian Hill have been nearly 100 percent in four years, from $872,500 to $1.65 million. NoPa and the Mission are right behind. Diamond Heights might be one of the cheapest places in the city to buy a condo, but the median price has risen 93 percent from a mere $352,000 to $680,000.
San Francisco may never go back to the numbers of 2011, but will these terrifying increases continue this year? With the spring selling season ready to kick off, we're about to find out.