San Francisco homes sell for $1M over asking price as housing crash looms — here’s what you can get for $7M

To buy one home in San Francisco, you “need to be prepared to spend more for a house than anyone else has in the history of the world,” a local real estate agent said.

San Francisco’s housing market is known as one of the most expensive in the United States, and recent home sales well above asking in the area are illustrating that reputation.

Rohin Dhar, the San Francisco real estate agent who made the remark, told the California Post that the added demand is because the conversation around the city has shifted in a more positive direction.

“I think over the last year or two, certainly the perception is switched [on] San Francisco as a city, before people maybe said it was on the wrong trajectory, and now people feel like it’s on the right trajectory. And so that’s creating a lot of demand for very limited supply of homes,” he said.

One home in the city’s Noe Valley neighborhood sold for $7.25 million, about $1.35 million above the original $5.9 million asking price. The 3,434 square foot home stayed on the market for just a week before selling on Feb. 18.

While the Noe Valley home is well above the city average for square footage — 1,252 square feet in January of this year according to Realtor.com — homes at the other end of the size spectrum are sought after as well.

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A 1,085 square foot home in San Francisco’s Eureka Valley neighborhood sold for $405,000 above asking at a monstrous $1.9 million. The home is a 2-bed, 2-bath with a wood-colored garage and a skylight in its living room. The home stayed on the market for less than a month before being sold.

Dhar also chronicled several of the home sales on his X account, which he says he does to show “what’s going on in the market.”

“Part of the reason the San Francisco economy is so strong, Is because you have to become pretty darn rich and possibly invent super intelligence, To achieve 3.5 bathrooms,” he said of the Noe Valley home.

Of the Eureka Valley dwelling, he said that buyers should prepare “to spend more for a house than anyone else has in the history of the world.”

He said in a post on the platform that “90% of the time” home-sellers would land the buying offer on the first or second try within the last two years.

Other homes Dhar posted include one in the city’s Lake neighborhood that sold more than one million over asking at $4.75 million, another in the Outer Richmond neighborhood for about $750,000 above asking at $3.65 million, and one in the Outer Sunset neighborhood for about $800,000 over asking at $2.8 million.

Yet another home in San Francisco’s Sea Cliff neighborhood sold for about $4.6 million, about $700,000 over the asking price.

San Francisco is trying to wrestle with its expensive reputation by building more housing.

One local Democratic assemblywoman recently suggested homes should come off the assembly line to speed the process up.

“We’re still building homes in a similar way to what we did a hundred years ago, and it’s not enough to address the housing shortage we’re facing today. Innovative construction methods have a role to play in solving that crisis,’ California assemblymember Buffy Wicks said.

“It’s not a silver bullet, but it can be a meaningful addition to our ability to build the housing that California so desperately needs.”