Building Costs Per Square Foot in the City of San Francisco (CA), USA

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Residential Construction Market Analysis in the City of San Francisco, USA

Who does not dream of having their own house, to be able to make all the changes you want and live in it without fear of what a landlord might say? This is something that many people want, but it is not so easy to achieve.

Honestly, it is more difficult to achieve in some states of the United States than in others, so it is always important to investigate the particularity of each place before investing in buying a property, since otherwise, you may not be able to afford it. the entire value of the house.

It is essential to do some research even before going to visit houses since in this way you will be able to know if you really can buy a property in a certain city. Basically, knowledge is key in anything you do, especially when buying properties.

In this article, we will focus especially on the real estate market in the city of San Francisco, located in the state of California in the United States. Get ready to learn things about this city that you didn’t know before, and most importantly, get all the information you need to know about the real estate market and residential construction in San Francisco.

San Francisco Construction Outlook

The first image that comes to mind when someone says “San Francisco” is usually the houses that appeared in the intro to the famous television series “Full House” located in that city. Although many houses or residential areas indeed continue with this style of construction, that is, two-story houses with triangular-style roofs with tiles and walls covered with wooden plates, it does not mean that all of San Francisco is like this.

You can find houses of this style in the Alamo Square neighborhood, but there is much more than that in San Francisco. If you are lucky enough to go to some of the most famous viewpoints in the city, you will be able to appreciate all the diversity that its construction has. From buildings from the 80s to skyscrapers that were made in the last 5 years, San Francisco will never cease to amaze you.

Perhaps it is a city that is in the shadow of Los Angeles, but it has neighborhoods that are constantly growing, and it also has many attractions that attract new tourists and inhabitants year after year. One of the best-known residential neighborhoods is Russian Hill, which has mid- and high-rise buildings. There is also Nob Hill which is one of the most expensive residential neighborhoods in all of San Francisco.

The neighborhood with the most inhabitants, where large communities of African Americans and Latinos meet, is the Mission District neighborhood, also known as “the mission”. This is one of the cheapest neighborhoods in the city, and it has apartments for sale, more than single-family houses.

San Francisco Housing Market Analysis and Forecast

San Francisco is a one-of-a-kind case when it comes to real estate market trends. While the values ​​are high, they are not increasing as rapidly (or on as large a scale) as the national trend.

From June 2022 to June 2021 there was a 1.5% increase in property values, which may sound like a lot, but keep in mind that the national average increase in property values ​​is over 14%.

Another trend that marks the San Francisco real estate market is the decline in sales. There is a 20% drop in the number of sales when compared to the same period in 2021. Approximately during this period in 2021 more than 700 properties were sold, while this year they are barely exceeding 500 properties sold.

One thing that makes the San Francisco real estate market stand out from the rest of the country is the time it takes for properties to sell. The average time is only 16 days, while nationwide it is 40 to 50 days. This causes houses to sell quickly, so the decline in the number of sales is associated with the low supply of listed properties, not low interest from buyers.

San Francisco Average House Price (Median Home Price)

The city of San Francisco has one of the most expensive median home values ​​in the country. The average value is $1,600,000, which, although it is a very high number, is surpassed by other cities in California.

A single-family home can cost more than $2 million and it would not surprise anyone since those are the values ​​that are handled in the city. In any case, remember that these are average values ​​in single-family homes, you can look for other types of properties at a lower price.

For example, the median condo-coop property value is $1.4 million, and the median value for apartments is $900,000. So you can get the idea that San Francisco is an expensive city, but it is also true that there are people who live there who are not millionaires. This is because they live in rented homes, or chose to buy vacant land suitable for residential construction, and built their homes from scratch there.

These lands suitable for construction have a value that ranges from $200,000 to $600,000 depending on the area in which you are located. As much as they are high values, do not lose hope, these are average numbers and you can find lower values ​​in reality, especially if you know how to wait for a good property to appear at the right time.

Proposed Residential Building Projects in San Francisco

San Francisco is a city that is always changing and growing, so it is no surprise that there are a large number (and variety) of real estate projects being prepared for this year and the years to come.

There are building projects to be built on Russian Hill, and also some luxury homes on Nob Hill. Both projects are ambitious and high value, although most of the properties are already purchased or reserved, so it can be said that they are successful projects.

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Building Costs Per Square Foot for Single Family Homes in the City of San Francisco (CA), USA

Building costs are 27% above the national average in the City of San Francisco in California.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in San Francisco City ranges from $438.01 per sqft to $671.45 per sqft, with the average being $516.92 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in San Francisco City ranges from $266.20 per sqft to $408.05 per sqft, with the average being $314.15 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in San Francisco City ranges from $172.09 per sqft to $261.38 per sqft, with the average being $201.47 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in San Francisco City ranges from $125.59 per sqft to $192.60 per sqft, with the average being $148.22 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in San Francisco City ranges from $101.94 per sqft to $156.12 per sqft, with the average being $120.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in San Francisco City ranges from $80.40 per sqft to $123.24 per sqft, with the average being $94.85 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.