The Wealthy Are Feeling Bullish on the City There are strong signs that the high-end market is waking back up in 2025. It was the best performing March for $5M+ home sales since the pandemic-driven highs of 2022.
Luxury real estate in San Francisco is known for its seasonal rhythm. Spring is usually strong, summer slows down, fall picks back up, and winter tends to be quiet. With interest rates now holding steady, the market may feel like it’s “on sale” compared to recent years. That may be helping restore the usual seasonal cycle. Some buyers might also be stepping in early, hoping not to miss the next rebound.
At the same time, the mood around the city seems to be shifting. There is booming demand for AI, which has already started rewriting the city’s narrative. It is drawing talent, investment, and confidence back into the market. And with new leadership under Mayor Daniel Lurie, there is a growing sense of optimism. Buyers in this price range are typically thinking long-term, which sends an affirmation of faith in the city.
Is this the start of a trend, or just a standout month?
Compare this March to the past three and you’ll see that it posted the highest number of sales for homes priced at $5 million and up since the pandemic boom. However, early April numbers suggest activity may pull back again. That said, the growing optimism around San Francisco does not feel like a blip. It is starting to feel like the new baseline. Even if sales volume wavers month to month, belief in the city’s future is clearly gaining ground.
It will be worth watching how the real estate market responds to recent turbulence in the stock market, especially following the announcement of new tariffs. While momentum is building, some buyers may still be waiting for more stability, more listings, or softer prices. There is a countervailing sentiment that real estate is a hard asset that may perform better than securities in challenging times.
What’s your take? Will the recovery continue despite recent market shake-ups?
As of April 24th, there are 36 single-family homes listed above $5 million in San Francisco. Here are a few that caught our eye:
1. 2853 Green St – Pacific Heights
A full-size lap pool runs across the lot and is surrounded by lush, jungle-like landscaping. The home is classic and refined, located on one of the best blocks in the city.
2. 340 Lombard St – Telegraph Hill
A rare brutalist mansion designed by Jim Jennings Architecture in 1996. It has serious presence, bold lines, and a 5-car garage with a car turntable.
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3. 3816 22nd St – Noe Valley
A converted firehouse full of personality and charm. It’s fun, one-of-a-kind, and yes, the original fire pole is still there.
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