This San Francisco neighborhood defies the city’s crashing housing market

While astir of San Francisco’s lodging marketplace is crawling compared to pre-pandemic times, 1 vicinity remains resilient: nan Sunset District.

Most of nan metropolis is seeing homes beryllium connected nan marketplace for longer periods, but that area is still attracting buyers astatine astir pre-COVID speeds — making it 1 of nan fewer agleam spots successful an different sluggish existent property environment.

According to information from Redfin, homes successful nan Sunset’s 94122 and 94116 ZIP codes sold successful a median of 2 weeks betwixt June and August 2024, a gait almost identical to nan aforesaid play successful 2019 erstwhile nan median was 16 days, nan San Francisco Chronicle reported.

The adjacent 94127 ZIP codification besides showed akin strength, pinch homes trading successful a median of 14 days this year, down conscionable 1 time from nan 15-day median 5 years ago.

Meanwhile, homes successful astir each different portion of San Francisco took importantly longer to sell. Across nan city, nan wide median clip to find a purchaser jumped to 35 days successful 2024, up from conscionable 24 days successful 2019.

Redfin’s information underscores really astir of nan lodging marketplace successful San Francisco, and California astatine large, has remained sluggish.

The marketplace successful nan metropolis by nan Bay has been crashing, The Post previously reported — attributed to factors specified arsenic inflation, crime and nan supplier epidemic.

The delays successful income person been exacerbated by rising owe rates, which peaked aft a dip successful September and different surge successful October. Those shifts successful owe rates apt impacted income aft nan information was collected, but moreover earlier that, nan numbers pointed to slower income successful astir neighborhoods.

But not successful nan Sunset, wherever homes are trading faster and fetching prices higher than nan city’s median location worth of $1.3 million. According to Zillow, emblematic location prices successful nan Sunset scope betwixt $1.4 cardinal and $1.5 million, and they stay a tie for buyers seeking a equilibrium betwixt affordability and nan neighborhood’s galore perks.

“That peculiar area (runs) very basking aliases cold,” Allison Crawford, of Sotheby’s International Realty successful San Francisco, told nan San Francisco Chronicle. “Recently, it has been very strong, and if you look astatine caller sales, they each person been going good complete nan asking price.”

One of nan cardinal reasons nan Sunset remains successful request is its convenience. The vicinity boasts mini commercialized centers, pinch easy entree to Golden Gate Park via 19th Avenue and adjacent proximity to San Francisco International Airport.

The equilibrium of affordability compared to different parts of nan metropolis has besides kept liking high, arsenic buyers looking for much abstraction aliases family-friendly homes are gravitating toward nan Sunset.

In stark contrast, homes successful immoderate of San Francisco’s wealthiest neighborhoods, for illustration Pacific Heights and nan Marina District, are seeing a important slowdown.

Data from Redfin shows that homes successful nan 94123 ZIP code, which includes those neighborhoods, took a median of 55 days to waste betwixt June and August 2024 — much than double nan 20-day median successful 2019.

Michelle Harris, of Compass, says nan operation of sky-high prices and rising liking rates has made it difficult for buyers and sellers to adjacent deals successful these upscale areas.

“The alteration successful liking rates … has really benignant of locked things up,” Harris explained to nan outlet. With homes successful Pacific Heights and nan Marina often priced successful nan multimillion-dollar range, sellers are being much selective astir nan offers they accept, not wanting to return a nonaccomplishment connected specified important investments.

Some are holding retired successful hopes of little owe rates, unwilling to settee for a woody that would require them to return connected a overmuch higher monthly payment. That slowdown successful wealthier neighborhoods is portion of a broader inclination affecting overmuch of San Francisco’s downtown and surrounding areas.

The 94103 ZIP code, which includes parts of nan South of Market district, has besides seen homes sitting connected nan marketplace for longer, taking much than 3 weeks longer to find a purchaser than they did successful 2019. The pandemic led to important changes successful purchaser preferences, pinch galore turning to suburban areas wherever they could person larger homes pinch backyards and location agency spaces.

That alleged “doughnut effect” drove down spot values successful downtown San Francisco and adjacent Oakland, which saw immoderate of nan sharpest drops successful location prices during nan pandemic. Though San Francisco’s existent property prices are still among nan highest successful nan country, nan request for homes successful municipality areas has been slow to recover, and precocious prices proceed to put homeownership retired of scope for many.

Looking ahead, experts foretell that nan San Francisco lodging marketplace will stay slow done 2025, pinch small alleviation expected successful owe rates. Harris pointed retired that nan upcoming statesmanlike election, arsenic good arsenic nan vacation season, will apt origin further delays successful location income arsenic some buyers and sellers deed pause.

“I deliberation location are galore buyers who are already starting to perceive jingle bells,” she joked.