Article Image

Pacific Heights real estate in Q1 of 2022

Q1 in Pacific Heights

Q1 in Pacific Heights was everything we expected after a frenetic 2021 campaign; fast, competitive and seemingly ever-increasing in value.

The condominium market eclipsed a $2,000,000 average (for a quarter) for the first time ever. Days on market keep decreasing, and buyer demand hasn't shown any signs of cooling off with rising interest rates.

The median market for single family homes is trending upward at a rate I’d argue has rarely been  seen worldwide; up $400k Q1 '22 vs. 2021. Listings are becoming more and more scarce, and demand is unwavering for homes in the local market.

The luxury market saw 2 mega-sales in Q1, averaging just over $14,000,000. Similar to the median, supply is drastically limited, but the market seems to be as stable (and continually growing) as any luxury asset throughout undulating markets.

The Condominium Market

The Pacific Heights condominium market continues to tear through all previously established highs, eclipsing the coveted $2M condominium average for the first time in history over the span of an entire quarter.

37 sales at an average of $1,344/foot is a blistering start to a year. With demand at an all time high and days on market continually trending downward, it seems the market has fully re-established itself. Micro-markets with extreme desirability like Pacific Heights tend to hold firm during the early phases of a downturn, so I wouldn’t be surprised if the condominium market continues trend upward throughout 2022.

The Median Market

For the purposes of defining the line between the median market & the luxury market, $2,000,000 above or below the median at the time of this report is considered the market for a median home, whereas anything $2M above or greater tends to correlate better to the luxury market. Obviously, an argument could be made that there is a buyer pool for every property in the neighborhood up to ~ $40m, but for simplicity, let’s batch.

The median home value in Pacific Heights is up $400,000in Q1, averaging $7,652,000.

There are few markets in history that have achieved such a meteoric rise over a short period of time. For context, the median single family home price in 2019 was $7,000,000, indicating a $300,000 gain per pandemic year in asset value. Although there were few sales, the demand for the properties that do come available seems insatiable.

Similar to other markets, San Francisco locals have had a challenging time capitalizing on the market gain, because if they sell they're put in the predicament of then competing with the demand to secure the next property. Only second home owners & those leaving town have been truly able to capitalize.

The Luxury Market

The luxury market in Pacific Heights is a stalwart in global real estate. The '08 crash couldn't phase it, a pandemic barely rattled it. It's notorious for value stability and growth.

With only 2 sales on record at an average of $14,000,000, it's hard to predict any decline in the demand for world-class properties here.

Projecting Ahead To Next Month/Quarter

With all three markets increasing in value over Q1 '22, it's pretty safe to assume continued growth through at least the end of the Summer. The fed has projected 5 to 6 more rate increases between now and the end of 2023, signaling there may be an end in sight to the current rate of growth.

With that in mind, the table is set for an explosive Spring, Summer & Fall '22 markets.

Homeowners would be wise to consider their holding timeline beyond 2023 with the expectation of buyer’s purchasing power to be more restricted in the relatively near future.

Buyers will need to take the bull by the horns and capitalize on securing a property while rates are digestible. If/once we start seeing rates north of 5% consistently, even though historically still low,, I have a feeling many buyers will have the expectation of landing a property out of their price range, that 6-12 months earlier may have been attainable. My advice; Compete & win the bidding war on any property with novel features that will appreciate well; location, views, backyard, private outdoor space, etc.

Text Tim
Weekly Market News Directly To Your Inbox
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Sell With Tim
View free PDF

Latest news and resources

Schedule a call below, talk to us directly about your future home, sale, or investment.

/
Jerry
Rice Jr
, 
It was great working with Jerry, he's an effective communicator, very professional, and patient. I would definitely work with him again in the future and would highly recommend him for anyone looking to purchase an exceptional residential property in the Bay area.
-
J.P
,
We can’t say enough about what an amazing agent Jerry is! In the roughest economic time during a pandemic he managed to sell our condo in record time (7 days to be exact) with an over asking offer. He made the entire process seamless and actually enjoyable. Professional, knowledgeable, and always responsive are just a few ways to describe Jerry! Hands down the best agent in the game!
-
E.B
,
Jerry and I first made contact on Sep 16, 2021 through email. I was ready to purchase a home, seriously this time. I was new to San Francisco so had no idea where i wanted to live. I was hoping to get an experienced real estate agent to show me the ins and outs. I was also a bit anxious because i kept hearing of the crazy bidding wars. I decided to Airbnb in different areas to figure out which area i like. And also took Jerry's recommendation of which area to try. After visiting 3 different houses (in different areas), I realized i really liked the Noe Valley/Glen Park area and decided it was a good idea to focus on that area. I found a house I really liked that I thought might be out of reach that I had visited myself. A few days later, Jerry visited too and was able to convince me that it was worth the shot. So I made an offer, I knew i had to be competitive as this house would get many offers. I ended up winning after a counteroffer! Jerry's experience was key in helping me make the optimal bid. The house was in escrow on Sep 30, 2021. It was a two week process, and my very first bid on a house (in a very competitive area). I feel like Jerry saved me a lot of time and effort.
-
O.C
,
I highly recommend Jerry Rice Jr. I credit Jerry with a smooth, stress-free home-buying experience during the pandemic. He is savvy, professional, personable and knows the SF Bay Area market inside and out. He was able to efficiently assist us with our 1031 Property Exchange, with all of the nerve wracking time constraints. There were many factors to consider searching for a property during the pandemic, but Jerry made it a comfortable and seamless process. Jerry went the extra mile to explain the contracts, and to make sure we didn’t feel rushed. We couldn’t have done this without Jerry! He was amazing in a high pressure situation, constantly in touch via phone and text nights and weekends. Whether you are buying, selling, or involved with a 1031 Exchange, we highly recommend Jerry Rice, Jr. for your real estate needs.
-
L.H
,
Jerry helped my wife and I purchase our first home in Oakland. Jerry was an excellent partner throughout the entire process. He was always responsive, gave honest feedback, and networked well with the sellers agents, which was a differentiator when bidding against competing offers. Further, in the middle of our housing search, the markets started to turn funky. Jerry helped us navigate the changing markets with confidence, and ultimately, thanks to his guidance, we secured our dream home. Despite the craziness, the end-to-end process was about as painless as buying a home in the SF bay area could be. Whether a first-time buyer, new to the Bay Area or experienced home-owner, I highly recommend working with Jerry.
-
W.E
,

Jerry Rice Jr. stands out as a beacon of professionalism and dedication in his field. With a rich background in football, Jerry has seamlessly transitioned his skills and work ethic from the gridiron to the world of real estate.

© 2025
Jerry Rice Jr Real Estate
. All Rights Reserved. Sitemap, Privacy Policy and Terms of Use
DRE #
02026420