Richmond District real estate continues to trend upward. 2021 was one of the strongest real estate years on record, and Q1 of '22 mostly held pace.

The condominium market $/foot increased over the first quarter of the year after a supply of generally smaller (total sqft) units were available for sale over the first quarter, resulting in a slightly lower average sale value, but higher $/foot.

The median single family market mostly kept pace with '21; 32 sales averaging just shy of $2.2M, and taking 3 weeks or less to sell.

The luxury market was met with a healthy buyer appetite after the only two listings managed to sell within 2 weeks of hitting the market, averaging $3.8M.

Demand remains high for the district and should remain strong throughout the Summer.

The Condominium Market

While the average price dropped, price per foot rose in Q1, indicating demand in the area is still on the rise. A tidbit worth noting is the majority of the condominiums sold in Q1 were on the smaller side; high $/foot, lower median price. Demand has been consistently high for turn-key condominiums with recent updates.

With 23 sales in Q1, Richmond’s supply of available properties has been mostly consistent for the past 24 months. Expect to see another ~ 25 beautiful listings available throughout Q2 as we head into the Summer months.

The Median Market

Typical for all single family home pockets in San Francisco, the median market has been on fire for the past 12 months. A slight uptick in days on market and decrease in average sale price is also consistent with the general market. The pace couldn't last, but demand is still through the roof.

Richmond is one of few districts in SF that sees just as many single family home sales as condominium sales, creating a really balanced market. The typical median home buyer profile is that of a second-time-buyer, or upgrader. As more and more median homes capitalize on concierge program offerings by a range of brokerages, we’re seeing the quality of each listing increase drastically. This trend alone has been a significant factor in recent value increases, and will continue to play a role going forward. After all, turn-key is turn-key. Buyers place extreme value on properties being move-in ready.

The Luxury Market

With only 2 luxury sales in Q1, it's hard to gauge the movements of the luxury market. However, they sold fast.. However, surrounding the Richmond District, luxury priced sales have continued to trend upwards in volume and price.

Expect much of the same for homes in this category in Richmond. For the purposes of truly defining The Richmond district, also, we ensured to leave Sea Cliff sales off the data.

Projecting Ahead To Next Month/Quarter

Richmond has been on a tear since the early months of the pandemic, being one of San Francisco's most desirable neighbourhood pockets to escape the urban sprawl.

The Bay Area median market is beginning to be affected by rate hikes, with 6 more on the horizon between now and the end of 2023. San Francisco will be somewhat protected from the slowdown, as the majority of buyers in single family price points have enough cash to navigate rising interest rates, however, the condominium market might not be fair as well.

We're either going to see an immediate resurgence over Summer with one more value jump, or Spring '22 might be the peak, for now.