San Francisco’s real estate market has always been challenging, but current high-end sales are surpassing expectations. A six-bedroom, 5,700-square-foot house in the desirable Cow Hollow area was listed for $7.95 million and sold for $15 million, doubling its value in under six years. Another property in Presidio Heights sold for $8.2 million, nearly twice its $4.4 million asking price. The trend isn’t limited to high-value homes; a Bernal Heights house sold for $4 million, a million over its asking price.
Luxury home sales increased by 22% year-over-year in March, with properties going under contract in a median of 12 days. Tech-driven wealth is fueling this surge, as employees of major firms like OpenAI and Anthropic cash out their shares, channeling funds into the housing market. Future public offerings by major tech companies could further boost liquidity and impact housing prices, making $15 million sales seem commonplace. The ongoing transformation of the city’s real estate landscape raises questions about its affordability.