Digging into data to discover a changing market
Curbed SF recently cited Paragon research in an article titled “Breaking Down SF’s Scary Price Increases by Neighborhood.” Specifically, the post addressed the data dating back to 2011 as discussed previously here. In 2011, for example, median single-family home prices weren’t exactly a bargain in Pacific Heights — $3.225 million, to be specific – but now that figure has jumped to $5.6385 million. That, Curbed notes, is the city’s largest raw increase.
But as you’ll see by the chart that accompanies this post, the city is home to many such crazy increases. For example, house prices in the Mission have seen the median more than double from $740,000 to $1.677 million. Then there’s the Marina, where prices have increased from a $1.975 median to $3.6653 – a whopping 85 percent jump in just four years. In Noe Valley, we’ve seen the median rise from $1.35 million to $2.25 million – a 67 percent increase – and in the Central Richmond, median prices have risen from $860,000 to $1.585 million, an 84 percent jump.
And in the Bayview, we’ve seen a more-than-100-percent increase between 2011 and now, going from $300,000 to $670,000, and the Outer Richmond has also seen a huge rise — $680,000 to $1.295 million.
Curbed also notes that Paragon research finds that condo prices are on the rise as well, with Russian Hill seeing nearly 100 percent in increases since 2011, from $872,500 to $1.65 million and trailed closely by NoPa and the Mission. While you can still find relative bargains in Diamond Heights, the median price has still seen an increase of 93 percent from $352,000 to $680,000.
“San Francisco may never go back to the numbers of 2011, but will these terrifying increases continue this year?” Curbed asks. “With the spring selling season ready to kick off, we’re about to find out.”