One recent Pacific Heights sale offers a remarkable answer: 2033 Baker Street recently sold for $2.63 Million over the asking price of $3.995 million at $6.625 million. That is nearly 66% over, netting out at $2,529 per square foot. 

Even in Pacific Heights, that result stands apart. Over the past six months the average price per square foot for single-family homes in Pacific Heights was $1,952. The Baker Street sale achieved approximately 30% more per square foot. 

Noe Valley delivered another notable result. 438 Elizabeth Street was listed for $3.295 million and sold for $4.93 million: $1.635 million above asking at $2,357 per square foot. The average price per square foot in Noe Valley recently hit $1,828 (February to July 2026). Even more astonishing is the number of home sales that have crossed the $2,000 per square foot threshold over the last six months: 22!

These prices also reflect a broader shift over the past two years. From February through July 2024, the average price per square foot was $1,334 in Noe Valley and $1,326 in Pacific Heights. The new average price per square foot in Noe Valley represents an increase of approximately 37% while Pacific Heights reached $1,952 per square foot, an increase of approximately 47% compared with the same six-month period in 2024. 

Limited inventory helped create the conditions for competition. Both neighborhoods ended July with only three single-family homes for sale. Yet not every property moved swiftly, and the relatively small number of monthly sales meant that a few exceptional transactions could significantly influence neighborhood averages, particularly in Pacific Heights.

That contrast captures San Francisco's current market. A limited number of exceptional, well-positioned homes can generate extraordinary competition, even while other listings take longer to find their buyers.

These results were not simply stories of low asking prices. They reflected the convergence of scarcity, high buyer demand, property quality, location, presentation, and pricing strategies. 

So, how far over asking can San Francisco go? If these recent sales are any indication, San Francisco may not have reached its ceiling yet. What we do know is, these strong sales are setting the tone for what is sure to be a competitive fall market.