SF Median Home Price Tops $1 Million

Homes in San Francisco sell for 112 pecent of asking price.

By Chris Roberts
|  Thursday, Jun 13, 2013  |  Updated 1:49 PM PDT
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Bank-Owned $35 Million SF Penthouse Sells

Joe Rosato Jr.

Now is the time to sell a home in San Francisco, where the median price of a home is just above $1 million.

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The real estate glory days have returned to San Francisco.

The median price for a home in the city is back at the $1 million mark, according to the SFGate.com real estate blog On the Block.

It appears that the data from April reveals a median price increase of 32 percent from 2012, according to the Business Journal. That's higher than the average list price of $799,000, which means "too many buyers [are] vying for too few properties," the blog reported.

Supply and demand means that a home that sold at auction in 1998 for $106,500 in Twin Peaks is now listed for $995,000, the blog reported.

In general, sellers are getting 112 percent of their asking prices for San Francisco homes, according to Redfin.

A seller's market -- but could it get any hotter?

Yes. Another home, bought in November 2012 for $875,000, is back on the market, less than a year later -- for an asking price of $1.2 million. Will it sell for a 100 percent profit? It could -- which is saying something.

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