Should I wait to buy a home in San Francisco?

There are fewer homes for sale right now compared to last year, and prices are slightly lower, so deciding whether to wait depends on your specific needs. The median listing price in your area is currently $996,500.This price is down slightly by 0.2% compared to last month and also down 0.2% from last year. This small dip suggests a bit of breathing room in how much homes are listed for.There are 5,944 homes actively for sale, which is a noticeable drop of 17.4% from last year. Fewer new homes are also coming onto the market, down 7.6% from last year.This means you might have fewer options to choose from compared to a year ago, but homes that are listed are selling a bit faster, with the median time on the market now at 37 days, 7.6% quicker than last year. Also, fewer sellers are reducing their prices—13.1% of listings have price reductions, which is 3.7% less than last year.Considering the current small price drops and fewer homes available, if you find a home you love that fits your budget, it might be a good time to act. Waiting could mean even fewer choices, even if prices stay fairly flat or dip a little more.

It may not be beneficial to wait if you are looking to buy a home right now, as prices have been very stable recently. The median listing price in San Francisco is $998,250, and this price has barely changed both in the most recent month and over the past year. Prices have held steady, with the median listing price showing almost no change month-over-month or year-over-year. This means that prices haven't been dropping, so waiting might not lead to a better deal. There are fewer homes available, which can make it harder to find what you want. Active listings are down by 16.5% compared to last year, and fewer new homes are coming on the market, down 8.1%. Homes are also selling a bit faster than before, spending a median of 32 days on the market, which is 8.6% quicker than last year. The share of homes with price reductions is also down to 12.5%, compared to last year. Considering the stable prices and fewer homes for sale, waiting might mean fewer choices and similar prices. If you find a home you like now, it could be a good time to act.