Pacific Heights Real Estate & Homes For Sale

The Pacific Heights housing market is currently experiencing a complex set of dynamics, characterized by a moderate level of competitiveness. In September 2023, the median sale price for homes in the area stood at $1.6 million, a significant 26.9% increase over the previous year. This surge in prices indicates robust demand and possibly limited inventory, which generally benefits sellers.

However, this trend is somewhat counterbalanced by the median sale price per square foot, which has seen a 16.1% decline year-over-year, standing at $1.15K. This decrease suggests that while home prices are high, buyers might be receiving more square footage for their investment, a fact that could attract those looking for greater value.

Homes in Pacific Heights are also selling relatively quickly, staying on the market for an average of 45 days as compared to 54 days last year. The market retains a semblance of competitiveness: homes generally sell in 41 days, with some receiving multiple offers. On average, homes are selling for about 1% below the listing price but go pending around the same time frame of 41 days. Homes that are particularly in demand can sell for approximately 4% above the list price and go pending in just 27 days.

The number of homes sold in September was slightly down from last year—37 homes compared to 41. Despite this modest decline, the market's overall resilience is evident. Pacific Heights continues to attract buyers due to its scenic views, historic architecture, and proximity to various amenities.

As with any housing market, these trends are subject to a range of influences including local economic conditions, interest rates, and job market stability. Those contemplating buying or selling in Pacific Heights would be well-advised to remain updated on these variables and consider seeking counsel from a real estate professional knowledgeable about the local market.