Austin Klar reports San Francisco condo listings dropped 36% compared to 2025, while prices are rising despite a nationwide decline. Demand now exceeds 2025 levels as people return to the city for office work, creating a tight market where buyers face higher prices and stiffer competition.
I've got soul-crushing news for anyone thinking of buying a condo in San Francisco right now. As of earlier this week, there were 36% fewer condos on the market compared to the same time in 2025, and demand for those condos is outpacing the demand levels we saw at that time as well. As of the end of 2025, the effective supply, meaning how long it would take to sell out of all existing inventory if no new inventory came to market based on the pace of sales, had fallen 45%. And that supply-demand equilibrium shift has pushed pricing for condos up at a time when at a national level, condo prices have declined at the largest rate since 2012. The inventory crunch is real, and it's happening at a time when more people are coming back to the city because of return to office and improved city conditions. And all of that is happening without that much movement in interest rates. So get ready for things to get even more expensive and even more competitive. Follow me for more San Francisco real estate.
