9 SF homes sold for over $2 million above asking in 2026 so far
SF homes sell for well over asking price
Nearly 90% of San Francisco home sales in April went over the asking price, with some properties selling for millions more than their list price.
SAN FRANCISCO, Calif. - Bidding wars are pushing San Francisco home prices 30% to 50% above asking, a spike experts say is fueled by the Bay Area’s artificial intelligence boom.
AI boom driving sale prices
Big picture view:
Nearly 90% of San Francisco home sales in April went over the asking price, with some properties selling for millions more than their list price, according to housing analysts.
The dream of homeownership in San Francisco is becoming an increasingly difficult battle as bidding wars drive prices to historic highs. Real estate experts and frustrated buyers say the market is currently defined by low inventory and high-stakes competition, particularly in the city's most desirable neighborhoods.
In the Outer Sunset district, homes listed between $1 million and $2 million are attracting crowds of interested parties. However, for many potential buyers like Peter Benoliel, the numbers on the listing are often "meaningless."
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"It’s tough to get a sense of whether it is even possible to buy this place when we’re just looking at a listing," Benoliel said.
Steven Tse, who grew up in the area, expressed similar fears about the current climate. "Everything just gets sold instantly," Tse said, adding that hope for average families looking to settle down is reaching an all-time low.
The strategy of pricing homes low to spark a feeding frenzy has become a standard practice. Realtor Olivia McNally recently listed a three-bedroom, two-bathroom home for $1.4 million on 44th Avenue. Just a week prior, she closed a deal on a home near the Lakeshore neighborhood that sold for $800,000 over the asking price.
McNally credits the recent surge to the regional growth of the artificial intelligence sector. "This year especially we have really seen this trend of the AI boom," McNally said. "How long will that happen for is kind of the million-dollar question."
88% of SF homes sell above asking
Local perspective:
The data supports the anecdotes of aggressive bidding. Housing analyst Ryan Lundquist of Sacramento Appraisal reports that 88.3% of San Francisco sales in April went over the asking price. While the annual average for over-asking sales sits around $500,000, the start of this year has seen 51 houses sell for more than $1 million over the original price, and nine homes sell for more than $2 million.
The velocity of the market is equally striking. Homes stay on the market for an average of only 20 days, with most selling within two weeks. Even properties with tragic histories are not exempt from the frenzy; a home in Westwood Highlands, where a family died in a murder-suicide last year, sold for $700,000 over asking in just four days.
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Lundquist noted that the current process is designed for speed, with sellers providing inspections upfront so buyers can waive contingencies and submit their highest offers within 14 days.
Despite interest rates hovering around 6%, there is no immediate sign of the market cooling off. For families looking to stay in the city, the reality remains a difficult one: to get the keys, they must be prepared for a fight.
The Source: KTVU Interviews and reporting, Sacramento Appraisal