San Francisco Metro Housing Market: Sellers Still Have the Edge, but Buyers Are Pushing Back on Overpricing

The San Francisco metro housing market still leans toward sellers this week, but it is not a market where every listing has real pricing power. Home prices are holding up, buyers are moving quickly on the right homes, and recent momentum still looks firm. At the same time, more listings are cutting their price, which points to the clearest market tension right now: demand is strong, but buyers are still selective.

The median home price rose 7% from the same week last year to about $1.59 million, and price per square foot rose 5% to about $1,045, showing that home prices are still moving up rather than stalling.

Homes sold for about 108% of asking this week, up from about 105% a year ago, which means buyers are still willing to pay above list price when a home is positioned well.

Homes are selling faster than a year ago, with median days on market down 18% to about 17 days and inventory age down to about 26 days from 37, reinforcing that the best listings are not sitting.

Active inventory fell 18% from the same week last year to 1,594, while new listings were up only about 1% to roughly 292, so buyers still have fewer choices overall and sellers still have support.

Pending sales rose about 10% and the number of homes going off market within two weeks jumped about 20%, but the share of listings with price cuts also rose to 3% from 2%, underscoring that this market rewards the right homes, not every asking price.

Buyer willingness to pay above asking stayed strong this week, with the 1-week sale-to-list reading at about 111%, keeping pressure on buyers competing for well-positioned homes.

Median days on market edged down to 13 days from 14 last week, a small move that still points to an active market rather than one losing momentum.

Inventory has risen from earlier this year, and the 1-week inventory trend was up about 16% over the past several weeks, giving buyers somewhat more room to compare options even though supply remains tighter than last year.

The number of homes going off market within two weeks climbed from 102 to 148 over the past several weeks, which supports the view that demand is still engaged when listings hit the market at the right price.

The 1-week share of listings with price drops held at 3%, roughly in line with the same week last year, reminding both buyers and sellers that price resistance is still part of this market.

Move quickly when a home is well-priced, well-presented, and in a competitive segment, because those listings are still attracting fast attention in the San Francisco metro. Higher home prices and above-asking outcomes show that buyers are still competing for the homes that feel worth it.

But stay selective. The increase in price cuts means some sellers are still reaching too far. If a home has been sitting or has already reduced its asking price, that is where negotiation room is more likely to show up. In this market, preparation matters, but so does discipline.

Price for the market you have, not the market you hope for. Sellers in the San Francisco metro still have support from lower inventory, faster sales, and buyers who will pay up for the right home.

But that support is selective, not unlimited. The rise in price cuts is the clearest sign that overpricing is getting exposed. If your home is priced well from the start, you still have a good chance to capture strong demand early. If activity is weak, the market is likely telling you to adjust quickly rather than wait.

The San Francisco metro is still a seller-leaning market this week, and home prices are still being supported by faster sales, lower year-over-year inventory, and buyers paying above asking on the right homes. The most important signal to watch next week is whether the sale-to-list ratio stays at or above about 108%.

If it does, that would confirm that buyers are still supporting firm pricing even as more inventory comes onto the market. If that measure starts to slip while price cuts keep rising, it would be the clearest sign that seller leverage is starting to soften.