San Francisco's home prices have been among the most stable in major California cities over the past five years.

According to Zillow, the median home value in San Francisco was about $1.315 million at the beginning of 2021, and as of 2026, it stands at around $1.394 million. This translates to a growth rate of about 6 percent over five years. In comparison, the national average cumulative increase is between 35 and 45 percent, which is significantly lower.

However, this figure does not represent a straight upward trend. Up until early 2021, prices were suppressed due to the impact of remote work and population outflow during the early pandemic, and in 2022-2023, additional declines were experienced due to layoffs in tech companies. Starting in the second half of 2024, hiring in tech companies, particularly in the artificial intelligence sector, began to increase again, leading to a noticeable rebound in 2025-2026. In the past year alone, a growth rate of around 7 percent has been recorded.

In summary, the key point is that the market has experienced both declines and rebounds, resulting in a slight overall increase over five years. This trend distinctly separates it from other California cities.

Factors influencing price trends are directly related to the employment situation in the tech industry. During the periods of remote work expansion and layoffs, the population left, and prices were suppressed. Recently, as hiring and office returns in AI-related companies have increased, high-income workers are once again driving prices up.

The future outlook is expected to be heavily influenced by the tech industry cycle. If investments and hiring in artificial intelligence continue, there is a possibility that the upward trend will be maintained, but it is important to keep in mind that this city is characterized by significant volatility due to the nature of the industry cycle.

For Korean households, it is essential to first consider that San Francisco remains a city with very high entry barriers. Rather than hastily deciding to buy based solely on the recent rebound, it seems advisable to also consider the employment stability of their respective industries and long-term residency plans.

If considering selling, monitoring the market situation during the recent year of rebound could be a viable strategy.