The San Francisco metro\u2019s housing market is fiercely competitive, even as cities across the country turn to buyers\u2019 markets.<\/p>\n
Last week, 662 single-family homes sold across the metro last month, according<\/a> to Housing Wire. Demand is outpacing supply in the market with the median listing price for homes<\/a> at nearly $1.3 million.\u00a0<\/p>\n Homes spent a median of 42 days on the market and an average of 81 days.\u00a0<\/p>\n Last week, the San Francisco metro had 498 new listings, with a median price of $1.2 million and an average of $670 per square foot. Over 28 percent of active listings on the market took price cuts<\/a>. That figure is below trends for the California housing market and across the country.\u00a0<\/p>\n At the high end of the market, competition for homes is ruthless. There\u2019s believed to be a mansion shortage<\/a> because of the elevated demand and scarce supply.\u00a0<\/p>\n \u201cThe city is just flush with cash right now \u2014 and there\u2019s not enough inventory to keep up with it,\u201d Peter Rodway, senior partner at Neal Ward Properties told<\/a> the San Francisco Chronicle.<\/p>\n Many attribute the increased demand for high-priced properties to the artificial intelligence boom and the influx of companies and workers to the city<\/a> looking for high-end housing stock.\u00a0\u00a0\u00a0<\/p>\n \u201cThe future wealth in AI is out and touring homes right now. Some of them are touring $2 million condos. Some of them are touring $20 million houses. That wealth effect is going to continue to help drive demand,\u201d Gregg Lynn, a luxury agent with Sotheby\u2019s International Realty, told eht outlet.<\/p>\n Lenders could see steady demand for financing as buyers climb over each other for the limited listings on the market, while sellers might feel a rush to strike while the iron is hot and sell quickly.\u00a0<\/p>\n With the housing market in San Francisco tight overall, buyers will likely continue to run into low supply and steady pricing heading into the winter.\u00a0<\/p>\n