Putting off buying a house for even just a few months could cost you big-time in San Francisco.
The median price for a single-family home rose a jaw-dropping $100,000 in the City by the Bay—reaching an all-time high of $1.6 million—from the last quarter of 2017 to the first quarter of 2018, according to a recent analysis from the San Francisco–based Paragon Real Estate Group.
Those who transfer for work or move out of the city for a stretch of time often rent out their homes instead of selling them in order to avoid having to buy another home in the city in the future. "There’s just a trickle of new listings coming on the market, and they’re snapped up almost immediately," Carlisle says. "We’ve had situations where there are 10 to 20 offers on a new listing, sometimes even more.
And those $1.6 million, median-priced homes aren't anything exceptional.
For those with a more modest buying budget, say in the $400,000 range, housing is still available, but not in San Francisco proper.
They've been attracting buyers who have been priced out of San Francisco.
The median condo price was $1,176,500 in the first quarter of this year, according to Paragon. "It sold for above listing price."