New York real estate vs San Francisco real estate since 2016
39% × 39%
Updated May 1, 2026 · Redfin
Since 2016, New York real estate returned 39% and San Francisco real estate returned 39%, in U.S. dollars. New York real estate won the period — but with different risk: the worst drop was 46% (New York real estate) vs 24% (San Francisco real estate).
Base 100 since 2016
Why compare New York home prices (US$/m²) and San Francisco home prices (US$/m²)
New York and San Francisco are the two priciest metros in the country, finance against tech, so people compare them to see which expensive coast held value better. Both series are home prices per square foot from Redfin sold listings, making this a price-appreciation comparison only, never a call on the better investment: it leaves out rent, leverage, property taxes and maintenance in both cities. The pattern is that San Francisco swings harder, booming and busting with the tech cycle, while New York is steadier but slower. Which one leads depends on whether you are measuring through a tech surge or a tech downturn. This is not investment advice.
Returns by window
| Window | New York home prices (US$/m²) | San Francisco home prices (US$/m²) |
|---|---|---|
| 1 year | -2% | 14% |
| 5 years | 1% | 7% |
| 10 years | 23% | 25% |
| since 2016 | 39% | 39% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| New York real estate | 28% | -46% |
| San Francisco real estate | 15% | -24% |
$10,000 in each, since 2016
| Asset | Value today |
|---|---|
| New York real estate | $13,914 |
| San Francisco real estate | $13,858 |
Frequently asked questions
New York real estate or San Francisco real estate: which returned more?
Since 2016, New York real estate returned more in U.S. dollars. Over shorter windows the lead can change — see the per-window table on the page.
Does a higher return mean a better investment?
Not on its own — risk matters. The page shows the volatility and the largest drop of each; similar returns can hide very different rides.
Are these figures in real terms?
No — these are nominal returns in U.S. dollars. To see real (inflation-adjusted) gains, compare each one against U.S. inflation (CPI).
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.