San Francisco, CA 94123 Real Estate Market Report
ZIP Code: 94123
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.
Key Findings
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The primary market indicator, the median sold price, is 4,500,000, which establishes current realized market value for recent transactions and supports pricing strategies tied to closed deals rather than list optimism; price momentum is up year‑over‑year.
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Liquidity appears muted despite strong prices: the median days on market is 644, which suggests slower sales velocity and pricing friction that may require sellers to allow for longer marketing windows or more targeted buyer outreach.
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Location-level price density remains high with a median price per square foot of 1,584, while the median market rent is 4,195, indicating a high-cost ownership environment where rent growth and price per square foot both reflect elevated valuation.
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Macro and demand signals are mixed for near-term timing: the market temperature is reported as hot and rent year‑over‑year trend is up, but interest rate pressure is elevated—together these factors imply continued buyer competition for well‑priced inventory but potential sensitivity to financing costs; elevated interest rate pressure may temper transaction volume despite a hot market.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold below market average
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Sold above market average
Sold below market average
San Francisco, CA 94123 Real Estate Market Report
ZIP Code: 94123
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.
Key Findings
-
The neighborhood's primary market signal is the median sold price of 1,535,000, which indicates realized transaction values are substantially above asking benchmarks and supports a hot market characterization.
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Despite strong prices, the median days on market of 429 suggests slower sales velocity and potential pricing friction—this longer time-to-contract may indicate buyers are selective and negotiations are elongated; treat recent sales as the most reliable market comparables. moderate liquidity concerns
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The gap between the median listing price of 1,249,000 and the median sold price of 1,535,000 points to a meaningful premium achieved at sale versus ask, which may reflect off-market negotiations, strong buyer competition, or selective inventory composition—use sold prices as the primary valuation input. pricing strength
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Market context supports continued upward pressure: the price year-over-year trend is up, the market temperature is hot, and rent year-over-year trend is up, while interest rate pressure is elevated—this combination suggests sustained demand (including rental demand) but with financing headwinds that may temper transaction cadence.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold above market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.5% rate, 1.0% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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