San Francisco home prices (US$/m²): returns since 2012
San Francisco home prices, measured as the typical value per square meter (data: Redfin). This is the value of the property itself — bricks and mortar — not an investor's total return.
It excludes rent received and all costs (closing, property taxes, maintenance, vacancy). Compare it against U.S. inflation (CPI) and the S&P 500 below to see whether San Francisco real estate kept up.
San Francisco anchors one of the most expensive housing markets in the country, where the Bay Area tech economy and a tightly constrained, hilly peninsula have pushed prices to coastal extremes for decades. Its trajectory tracks the technology cycle closely: it ran hot through successive booms, dipped in the dot-com bust and again in 2008, then surged with the late-2010s tech expansion. The pandemic added a twist many recognize, as remote work loosened demand in the urban core even as it stayed costly. Prices here are also among the most volatile of major metros.
Cumulative return by window (in U.S. dollars)
| Window | Cumulative |
|---|---|
| 1 year | 14% |
| 5 years | 7% |
| 10 years | 25% |
Largest historical drop: -24% · annual volatility: 15% . Typical home price per m² (Redfin). Excludes rent received, closing costs, property taxes, maintenance and vacancy — the value of the property itself, not the investor's total return.
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.