Typically, this time of year is when real estate sales ramp up. However, new data and accounts from real estate professionals show some apprehension from buyers.
In San Francisco, in the Crocker Amazon neighborhood, realtor Pamela Sweeney with Golden Gate Sotheby's International Realty held an open house for a three-bedroom, two-bath condominium listing. The condo is renovated, complete with custom finishes and new appliances, yet Sweeney said, for the past few weeks, only neighbors have come to look at the property. Which, Sweeney noted, neighbors are absolutely welcome and encouraged to look at the property. But so far, the condominium hasn't seen any offers yet.
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WATCH HERE"People are sort of holding back right now, they are waiting to see what’s going on right now, " Sweeney said.
"There’s been some volatility in the world, so to speak," she added.
As pointed out by San Francisco Chronicle analysis of data from the real estate company Redfin, while homes are still being listed in the San Francisco metropolitan area, comparatively fewer homes were listed as "pending sales" in March of 2025. According to the Redfin data for March of 2025, 1,277 new residential listings entered the market in the San Francisco metro area. But the number of "pending sales" that month for the same area was lower, at 782. The Chronicle's analysis pointed out: this is the largest gap between new listings and pending sales for the month of March since at least 2012.
The earliest data Redfin lists for the San Francisco metro area is from 2012, and since that time, March of 2025 marks the second-lowest March total of pending sales, the lowest was in March of 2020 at 758.
These trends are not unique to the Bay Area. Redfin reported this month that U.S. homes are selling at the slowest pace in six years.
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Several Bay Area real estate professionals said they also are noticing a bit of hesitancy from certain buyers.
Dexter Lim, a San Francisco real estate agent with Coldwell Banker Realty, said in particular, he's noticed more hesitancy among buyers when it comes to condominiums. But in addition to concerns about homeowner association dues, he said he's heard buyers with hang-ups about the economy in general.
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SIGN UP "Right now, there’s a lot of questions, a lot of buyers are concerned in terms of their cost of ownership on a property, the economic uncertainty with tariffs and all of that, and the stock market being very volatile," Lim said.
Plus, Lim noted, many buyers are worried about where interest rates are at present.
A new survey from Bankrate evaluating monthly costs indicates that in San Francisco, it's 190.7% more expensive to pay a mortgage than to pay rent, and in San Jose, it is 185.6% more expensive to pay a mortgage than to pay rent.
Denzel McCollum, who rents in San Francisco but owns a property further away, said he is personally conflicted about whether to sell right now.
"With the economy right now, with what’s going on, people are afraid," McCollum noted.
"They’re scared to make – to pull the trigger, and then the mortgage rates are fluctuating, it's pretty expensive still to purchase a home," he continued.
The real estate professionals who spoke with NBC Bay Area on Sunday noted that trends for buying and selling can look very different in different parts of the Bay Area. If you are interested in buying or selling, they recommend getting up to speed on the particular trends in your area.
Sweeney, for example, said that while she's experienced slower interest in San Francisco, "things seem to be moving a little more quickly in the East Bay."
On the peninsula, realtor Lili Chen with Coldwell Banker Realty, said even though buyers are dealing with uncertainty, there are still plenty of interested buyers looking for homes.
"There's an influx of buyers with money here in Silicon Valley," she noted, particularly in areas where buyers feel they will be bringing their families close to great schools. She said there is some variation in how much individual buyers are concerned about the current market volatility.
Chen offered an example of a buyer she helped get into a home in San Mateo the week prior. She said that particular buyer, "still needed to buy a home, had job security, and they're not too concerned with the tariffs and what's going on in the market."
In fact, she said that particular buyer was looking to buy now because of the economic uncertainty in the country, thinking they might face less competition.
"Right now, we are seeing more inventory on the market," Chen noted. She added that she advises buyers to capitalize quickly when they notice a "microdip" in the market.
The Bay Area market is still competitive. Redfin's current ranking of the top U.S. cities where housing demand is most competitive has three Bay Area cities in its top ten, with San Francisco coming in at number 2, San Jose at number 4, and Oakland at number 9. All of the cities in Redfin's list of the top ten most competitive cities in California are located in the Bay Area, with Sunnyvale topping the list.
Still, some in the Bay Area said they are holding off on making any big financial decisions for now.
"We're not sure what’s going to happen in the future -- not only in the future, but next week," McCollum added.
Prices can also present a concern for buyers. Redfin reported that in March of 2025, 71.2% of homes in San Jose and 61.5% of homes in San Francisco sold above their list price.
Despite signs of buyer hesitancy, Sweeney said she is confident patience will pay off with her San Francisco listing.
"It will sell," she said. "I don’t need multiple offers, I just need one, and I’ll get it."
