San Francisco real estate vs S&P 500 since 2013
106% × 406%
Updated July 1, 2026 · Redfin · daily closing prices (not exportable)
Since 2013, San Francisco real estate returned 106% and S&P 500 returned 406%, in U.S. dollars. S&P 500 won the period — but with different risk: the worst drop was 24% (San Francisco real estate) vs 25% (S&P 500).
Base 100 since 2013
Why compare San Francisco home prices (US$/m²) and S&P 500
San Francisco housing and the S&P 500 are both leveraged to the same tech economy, so the duel asks whether owning a home in the country's priciest metro beat owning the index that the local boom helped build. This compares San Francisco home prices per square foot, from Redfin sold listings, against the S&P 500 price index. It is appreciation only, excluding rent, leverage, property taxes and maintenance on one side and dividends on the other. The durable pattern is that both rise with tech, but the index has tended to compound faster, while Bay Area home prices swing harder around boom and bust. This is not investment advice.
Returns by window
| Window | San Francisco home prices (US$/m²) | S&P 500 |
|---|---|---|
| 1 year | 14% | 15% |
| 5 years | 7% | 66% |
| 10 years | 25% | 237% |
| since 2013 | 106% | 406% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| San Francisco real estate | 15% | -24% |
| S&P 500 | 14% | -25% |
$10,000 in each, since 2013
| Asset | Value today |
|---|---|
| San Francisco real estate | $20,583 |
| S&P 500 | $50,597 |
Frequently asked questions
San Francisco real estate or S&P 500: which returned more?
Since 2013, S&P 500 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.