The best San Francisco neighborhoods to find a house under $1 million
While it may be hard for today’s home buyers to believe, just a few years ago it was very possible to buy a single-family home in San Francisco for under $1 million.
In fact, according to a recent report from Paragon Real estate, 75 percent of all houses sold in the city in 2011 went for under seven figures. Fast-forward to 2017 and that number drops to 20 percent.
Most of these relatively inexpensive homes can be found in “a large swath of neighborhoods running across the southern border of the city, which are by far its most affordable house markets: from Bayview through Portola, Excelsior, Visitacion Valley and Crocker Amazon, to Oceanview and Ingleside,” according to the report.
However, the report goes on to say that the tide is turning in many of these neighborhoods as well. For example, in the Mission Terrace/Sunnyside/Excelsior/Portola/Outer Mission/Crocker Amazon neighborhoods, 182 homes sold in the last year for under $1 million. However, in the same time period 109 homes in these areas sold for between $1 million and $1,499,000. (This price point accounted for one-third of single-family home sales in the city in the last year.)
“There has been a lot of upward pressure on these areas”—as well as in the Sunset/Parkside, Golden Gate Heights, and Miraloma Park neighborhoods—”in the past two years in particular as buyer pressure has shifted to more affordable districts,” according to the report.
As for those less affordable neighborhoods, Paragon points out that while the old-guard prestige neighborhoods in the north are still holding their own (with 43 homes selling above $5 million in the Pacific and Presidio Heights/Cow Hollow/Marina areas in the last year), some southern neighborhoods are making inroads on the luxury end of the market as well.
There were five sales over $5 million in the Noe, Eureka and Cole Valley/Ashbury Heights neighborhoods. These neighborhoods also “dominate” the $3 million to $5 million price range, with 70 sales in that range in the last year.