As a San Francisco Realtor with over two decades of experience in the Bay Area housing market, I’ve witnessed Noe Valley’s real estate market go through its share of highs and lows. But the numbers from December 2024 tell a particularly fascinating story—one that highlights the unique dynamics of this beloved San Francisco community, where historic Victorian homes meet the city’s modern tech-driven lifestyle.
Single-Family Homes: Breaking Records Despite the Odds
December 2024 proved to be a banner month for single-family homes in Noe Valley. The median sales price climbed to an impressive $3,050,000, a substantial 13.4% increase compared to December 2023. Even more striking, 50% of these homes sold above their list price, up from 33.3% the year prior.
But the real standout metric? Days on market (DOM). In just one year, DOM dropped from 65 days to an astounding 31 days—a clear indicator of the unrelenting demand for Noe Valley’s single-family homes, even amid high interest rates. Buyers continue to compete fiercely for these properties, highlighting the enduring appeal of the neighborhood’s homes and lifestyle.
Condos: A Slower Pace, But Still Growing
The condo, TIC (tenancy-in-common), and co-op market told a different, more nuanced story. While the median sales price increased 9.2% year-over-year to $1,425,000, the average time to sell jumped significantly, from 29 days to 83 days.
This shift suggests that condo buyers currently hold more negotiating power. For sellers, this means preparing carefully, pricing strategically, and understanding that the pace of condo sales might require a bit more patience compared to the brisk single-family home market.
The Bigger Picture: How 2024 Shaped Noe Valley’s Market
Looking back at 2024 as a whole, Noe Valley’s real estate market demonstrated both resilience and growth:
Single-Family Homes
- 25.9% increase in new listings
- 24.1% increase in closed sales
- 8.3% rise in median sales price, reaching $2,600,000
Condos
- 2.3% increase in new listings
- 11.3% rise in median sales price
- 2.2% increase in closed sales
What This Means for Buyers and Sellers
For sellers of single-family homes, the market remains remarkably strong. In 2024, 70.9% of properties sold above list price, a notable jump from 51.8% in 2023. With average sales closing at 107.5% of list price, having a solid pricing strategy is critical to maximizing your home’s value.
For condo sellers, the market is more balanced. While prices have risen, longer days on market mean realistic pricing and careful preparation are key to a successful sale.
For buyers, opportunities vary depending on your goals. If you’re targeting a single-family home, act quickly and expect competition. For condos, there’s more room to negotiate and potentially find a great deal.
Looking Ahead to 2025
Noe Valley continues to shine as one of the most sought-after neighborhoods in San Francisco, offering a mix of timeless charm and modern amenities. The divergence between the single-family and condo markets presents opportunities for both buyers and sellers, depending on their timelines and priorities.
As always, these statistics provide a snapshot of broader trends—but no two properties, and no two transactions, are the same. If you’re thinking about buying or selling in Noe Valley, let’s work together to navigate these dynamics and develop a strategy tailored to your specific needs.
Data Source: San Francisco Association of REALTORS® MLS