San Francisco’s housing market is exploding—median home prices jumped 16% in a year to $1.7 million, way outpacing the national average. A severe shortage of homes for sale has buyers bidding up prices, often paying $1 million over asking, with cash offers ruling the day. Fueling this frenzy? The booming AI sector, where young tech pros with massive bonuses and investors betting on IPOs are snapping up properties. Homeowners are also holding tight, waiting for better rates or a smarter buying window. Like past tech booms, this surge is hitting SF especially hard—with condos up 24%, the biggest leap since 2013. The result? A market where only the ultra-wealthy can play, pushing average buyers further out of reach as affordability slips away.
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