Where to Buy a Home for Under $1M?

The charts below are based upon San Francisco home sales reported to MLS in the 10 to 12 months through February 15, 2016, breaking out the neighborhoods with the most sales within given price points. Other neighborhoods not listed did have smaller numbers of sales within given price segments.

WHERE TO BUY A HOUSE FOR UNDER $1M

The overall median HOUSE price in the city in the 4th quarter of 2015 was $1,250,000, so the under million-dollar house is becoming increasingly less common. The vast majority of house sales in this price segment now occur in a large swath of neighborhoods running across the southern border of the city, which are by far its most affordable house markets: from Bayview through Portola, Excelsior, Visitacion Valley and Crocker Amazon, to Oceanview and Ingleside. 

The chart’s horizontal columns reflect the number of sales of houses with at least 2 bedrooms, with parking, for under $1 million, while the median sales prices noted are for all 2BR house sales during the period. Median price provides a good idea of overall neighborhood house prices.

WHERE TO BUY A CONDO/LOFT/TIC FOR UNDER $1M

The overall SF median condo price in the 4th quarter of 2015 was about $1,100,000, and sales under $1m still occur in almost every area of the city that features these property types – but a studio unit in Russian Hill may cost as much as a 2-bedroom condo in Diamond Heights. 

Of these property types, condos make up about 90% of sales, stock co-op apartments 1 to 2%, with TICs making up the balance. TICs typically sell at a significant discount (10% - 20%) to similar condos. 

The horizontal columns reflect the number of sales under $1m broken out by 1-bedroom and 2-bedroom units. The box of median sales prices is just for 1BR units, again simply to give an idea of relative values between neighborhoods.