The number of multifamily properties listed for sale in San Francisco jumped to the highest level on record in the second quarter of 2025, with 157 buildings containing approximately 3,000 units hitting the market.
Low vacancies and a surge in rent growth in recent months have ignited investor interest in San Francisco’s apartment market, with investment brokers noting a greater number of buyers looking at new listings.
The average listing price fell in 2024 to its lowest level in the past 10 years. That downward trend has now been arrested, with listing prices seeing a modest increase in 2025.
At the end of the second quarter of 2025, the average asking price for the 157 properties listed for sale in San Francisco was just over $315,000 per unit. That’s a 10% increase over $288,000 per unit in the second quarter of 2024.
The increase in listings suggests that sellers are more confident that they can achieve a sale closer to their asking price. Indeed, the differential from sale price to asking price has narrowed in the past year.
At the beginning of 2024, the average multifamily transaction closed at around 8% below the seller’s listing price. That discount has shrunk to less than 4%.
Owners are reluctant to sell while prices remain close to a decade low, but many are under pressure to refinance loans or redeploy equity capital. These sellers will hope to see a continuing rebound in San Francisco, with the added expectation that interest rate reductions will keep buyer demand moving in a positive direction.
