San Francisco, CA 94123 Real Estate Market Report

ZIP Code: 94123
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of April 2026, the real estate market in San Francisco, CA (ZIP: 94123) is characterized by a median sold price of $3,995,000, reflecting a robust demand amid a competitive landscape. The neighborhood has increased up since 2023, indicating a strong appreciation in property values. With 1,151 days as the median days on market, the market appears to be experiencing slower sales velocity, suggesting that while buyers are active, the pace of transactions may be tempered by elevated inventory levels.

The overall market temperature is classified as hot, driven by a combination of low inventory and high buyer interest, particularly from the thriving tech sector. The median market rent stands at $4,920, which has also seen an upward trend year-over-year, further highlighting the strong demand for housing in the area. Despite the competitive market conditions, the property tax rate of 1.17% may pose a consideration for potential buyers in their investment decisions.

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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.

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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.

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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.

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Property Taxes

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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.

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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.

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Key Findings

1. The median sold price of $3,995,000 indicates a strong appreciation in property values, reflecting heightened buyer competition.

2. With 1,151 days as the median days on market, the market is experiencing slower sales velocity, suggesting potential pricing friction.

3. The median market rent of $4,920 is up year-over-year, indicating strong demand for rental properties in the area.

4. The market temperature is classified as hot, driven by low inventory and high buyer interest, particularly from the tech sector.

5. The property tax rate of 1.17% may influence buyer decisions, particularly in a competitive market.

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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.