Today we are talking about real estate in San Francisco, and above all, we are analyzing the current market trend. Are you looking for information for a future purchase but don’t know where to start? We have put together this guide to provide you with the main information to remember from the real estate market in San Francisco.
This city has undergone major changes in recent years; the neighborhoods are particularly diverse and require a certain analysis. Where to invest? How is San Francisco’s economy doing? What type of market? So many questions to which we provide answers to help you see more clearly.
What do you need to know?
San Francisco is considered by many to be the cultural and industrial center of Northern California. The city is home to nearly 882,000 residents, making it the 16th largest metropolitan area in the United States. However, in addition to the city’s scenic location and unique culture, San Francisco County is also known to have one of the highest per capita incomes in the United States, making it very profitable for investors.
Like most other major cities, San Francisco’s real estate market has been heavily impacted by the coronavirus pandemic. Here is an overview of the main real estate market trends in San Francisco:
- Rental housing is on the rise: the percentage of vacant rental units in San Francisco currently stands at 8.5%. That’s a 5.5% year-over-year increase. This is due to widespread teleworking and, therefore, remote working and sometimes even “very long distance.”
It looks like this will be a short-term issue as more companies require workers to return to the office. Nevertheless, it seems that working in the “home office” is something that a lot of employees are inking now. It is, therefore, not uncommon for renegotiations to be made in this direction:
- For its part, the median rental price is also down by 8.1% over one year.
- Housing supply is holding up: San Francisco currently only has a 2.1-month supply of housing, but it is doing better than the rest of the country. Indeed, the United States is currently experiencing a generalized real estate inventory deficit.
1. Fisherman’s Wharf
Located on the northern waterfront, this area is a popular attraction for tourists and, in turn, is home to many hotels and cute little souvenir shops. It is a well-known district that is often crowded with people. It is known to be the location of the local sea lions but also with an array of restaurants and shops.
It is an ideal neighborhood for families and young adults. The Fisherman’s Wharf neighborhood is also popular for its low crime rate and endless activities. In addition, it is one of the main stops for cable cars in San Francisco. It is, therefore, the perfect “cliché” that we have in the image when we think of San Francisco.
2. Financial District
Often referred to as the “Wall Street of the West Coast,” San Francisco’s Financial District is the city’s business hub and home to tall skyscrapers and iconic landmarks. Located downtown, this part of town is close to upscale restaurants and home to the fun nightlife that characterizes San Francisco and its energy. While this district is a great place to live for young professionals and entrepreneurs, the financial district is also ideal for business trips. Close to many companies and start-ups, moreover, getting around by public transport is very easy for the inhabitants.
3. Mission District
The traditional Latin Quarter is named after the iconic National Registered Church (Mission Dolores). It is the oldest surviving structure in San Francisco. This neighborhood has seen constant evolution and massive growth over the years. Indeed more and more families and young professionals are moving to the area due to the tech industry.
Surrounded by breathtaking murals and colorful streets, the street art brings heaps of tourists to visit this neighborhood every year. Finally, an important point to know for investors, this district is often mentioned because of certain situations, sometimes of insecurity.
4. North Beach
Often referred to as “Little Italy,” the North Beach neighborhood is home to a large population of Italian Americans. Close to the financial district and Chinatown, this is a great option for working downtown residents. Authentic Italian pizzerias, trattorias, cafes, and ice creams throughout the city. Also known to be a nightlife spot.
This charming neighborhood is prized for its local history and Italian heritage. Consequently, it is now one of the city’s many popular tourist destinations. Perfect for families, young couples, and retirees, with plenty of green space and open parks as well as an abundance of entertainment.
5. Russian Hill
It’s an upscale neighborhood nestled on one of San Francisco’s 44 hills. It is originally named after settlers who discovered a Russian cemetery on top of the hill during the gold rush. This neighborhood is rich in history. it is one of the city’s most popular tourist attractions, Lombard Street, which is known as the “crookedest in all of America.” With plenty of shops, restaurants, and bars, Russian Hill offers the perfect mix of hip and classic.
Looking for help?
At Hunters Advocates, they don’t want you to buy a lemon. That’s why their buying agents offer an extensive range of real estate services, including property research, inspections, and pre-purchase due diligence on auctions. HUNTER is your property expert, representing your best interests in the transaction 24/7, ‘dotting every I and crossing every T’ so you buy only the best property on the best terms. Call them today for a free consultation in Melbourne.