New Construction vs Resale
New Construction vs Resale Homes in San Francisco: What Buyers Actually Pay
Updated November 3, 2026
Reviewed by:
Head of Growth at TurboHome
Head Agent, California · CalDRE #01997822
New construction homes in San Francisco closed at a median $1,318/sq ft over the past 12 months, 17.2% more than the $1,125/sq ft median for resale homes. The median new build sold for $1,774,000 and measured 1,325 square feet; the median resale sold for $1,600,000, measured 1,424 square feet and was built in 1941. New homes closed at original asking and resales closed 10.6% above original asking, and new construction was 3% of the 3,782 closings in our MLS feed. Here is the full comparison, including where the new homes are and what is for sale right now.
TurboHome Market Analysis · San Francisco, CA · Closings November 2025 through October 2026 · Active listings as of November 3, 2026 · Published November 2026
Key findings
- Price per square foot: new construction closed at a median $1,318/sq ft, 17.2% more than the $1,125/sq ft resale median (+17.2%), so new was dearer per square foot.
- Price and size: the median new build sold for $1,774,000 at 1,325 square feet; the median resale sold for $1,600,000 at 1,424 square feet.
- Days on market: new builds took a median 30 days to go under contract, versus 13 for resales.
- Negotiating room: new homes closed at original asking and 17% had a price cut before closing; resales closed 10.6% above original asking, with 10% cut.
- Busiest new-build area: Financial District, with 30 new-construction closings at a median $3,230,000.
- For sale now: new construction is 8% of active inventory (48 listings as of November 3, 2026), and 15% of new listings have been reduced, versus 21% of resale listings.
San Francisco new construction vs resale: the numbers
Closings in San Francisco in our MLS feed, closings november 2025 through october 2026, all home types.
| Metric | New construction | Resale |
|---|---|---|
| Closings | 132 | 3,650 |
| Median sale price | $1,774,000 | $1,600,000 |
| Median $/sq ft | $1,318/sq ft | $1,125/sq ft |
| Median living area (sq ft) | 1,325 | 1,424 |
| Median days on market | 30 | 13 |
| Median close vs original asking | at original asking | 10.6% above original asking |
| Share sold below original asking | 43.9% | 22.6% |
| Share with a price cut before closing | 17% | 10% |
| Median year built | 2020 | 1941 |
Price per square foot is the fair comparison because new homes and resales in San Francisco differ in size: the median new build measured 1,325 square feet against 1,424 for a resale, so the median sale price alone mixes up size and value. Close vs original asking compares the final price with the first list price, so it captures builder price cuts made before the sale, not only the last round of negotiation.
Has the new-build premium in San Francisco changed in a year?
| Period | New $/sq ft | Resale $/sq ft | Gap |
|---|---|---|---|
| Closed Nov 2024 to Oct 2025 | $1,161/sq ft | $984/sq ft | +18.0% |
| Closed Nov 2025 to Oct 2026 | $1,318/sq ft | $1,125/sq ft | +17.2% |
New construction in San Francisco rose from $1,161/sq ft to $1,318/sq ft, and resale rose from $984/sq ft to $1,125/sq ft. The new-build premium narrowed from +18.0% to +17.2% per square foot.
Like for like: single family homes vs condos and townhomes
| Home type | New closings | New median price | New $/sq ft | New median sq ft | New median days on market | New close vs original asking | Resale closings | Resale median price | Resale $/sq ft | Resale median sq ft | Resale median days on market | Resale close vs original asking |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Single family | 15 | $3,350,000 | $1,156/sq ft | 2,985 | 19 | at original asking | 1,765 | $2,005,000 | $1,165/sq ft | 1,842 | 12 | 23.7% above original asking |
| Condos and townhomes | 117 | $1,525,000 | $1,347/sq ft | 1,247 | 33 | at original asking | 1,885 | $1,250,000 | $1,090/sq ft | 1,166 | 17 | 1.4% above original asking |
New single family closed at a median $1,156/sq ft against $1,165/sq ft for resale single family, so new was cheaper per square foot like for like. New condos and townhomes closed at a median $1,347/sq ft against $1,090/sq ft for resale condos and townhomes, so new carries the premium in this segment.
Where the new homes are in San Francisco
Areas of San Francisco with the most new-construction closings in our feed, closings november 2025 through october 2026.
| Area | New closings | New median price | New $/sq ft | New median sq ft | New close vs original asking | New median days on market | Resale closings (same area) | Resale $/sq ft (same area) |
|---|---|---|---|---|---|---|---|---|
| Financial District | 30 | $3,230,000 | $1,686/sq ft | 1,811 | at original asking | 68 | 90 | $1,113/sq ft |
| Potrero Hill | 12 | $1,422,000 | $1,153/sq ft | 1,225 | at original asking | 27 | 119 | $1,150/sq ft |
| South of Market | 12 | $855,000 | $916/sq ft | 715 | 1.3% below original asking | 49 | 404 | $999/sq ft |
| Western Addition | 11 | $1,415,000 | $1,213/sq ft | 1,076 | 3.5% above original asking | 11 | 220 | $1,117/sq ft |
| The Marina | 10 | $3,455,000 | $1,798/sq ft | 1,891 | 0.1% above original asking | 32 | 111 | $1,484/sq ft |
| Nob Hill | 8 | $1,045,000 | $1,250/sq ft | 857 | 1.5% above original asking | 38 | 89 | $1,025/sq ft |
Financial District had the most new-construction closings in San Francisco (30), at a median $3,230,000 and $1,686/sq ft, against $1,113/sq ft for resales in the same area. Area figures rest on far fewer closings than the citywide numbers, so read them as direction rather than a price quote.
What is for sale in San Francisco right now
Active listings in San Francisco in our MLS feed as of November 3, 2026.
| Segment | Active listings | Median list price | Median asking $/sq ft | Median sq ft | Median days on market | Share reduced from original list | Median reduction (reduced listings) |
|---|---|---|---|---|---|---|---|
| New construction | 48 | $1,425,000 | $1,138/sq ft | 1,203 | 27 | 15% | 5.6% |
| Resale | 526 | $1,246,500 | $957/sq ft | 1,336 | 19 | 21% | 5.7% |
As of November 3, 2026, new construction is 8% of the homes for sale in San Francisco: 48 new listings at a median $1,138/sq ft, against 526 resales at $957/sq ft. 15% of new listings have already been reduced from their original list price, by a median 5.6%, against 21% of resale listings at a median 5.7%.
Why San Francisco new builds cost more
New construction in San Francisco is almost entirely condos: 117 of the 132 new-build closings in the past 12 months were condos or townhomes, most of them developer sales in the Financial District, the Marina, Potrero Hill and Western Addition. Like for like, a new condo closed at a median $1,347/sq ft against $1,090/sq ft for a resale condo, and it sat 33 days versus 17. Resale houses are the opposite market: the median resale single family home closed 23.7% above original asking and only 10.5% sold below the original price, while new builds closed at original asking. Developers rarely cut the MLS list price; they negotiate HOA credits, closing costs and upgrades instead, so the effective discount on a new unit is larger than the close-to-asking ratio shows. One caution: several of the buildings still selling developer inventory were completed around 2020, which is why the median year built for a new sale here is 2020.
Builder incentives and the national picture
Nationally, new homes have been cheaper than existing homes per square foot. Zillow's analysis, reported by HousingWire on September 29, 2026, put the national median at $205 per square foot for new homes versus $212 for existing homes in July 2026. NAHB data reported by Fortune on July 15, 2026 showed the Q1 2026 median new home at $403,200 versus $404,600 for an existing home, the first time new has sold for less since 1974. NAHB's October 2026 Housing Market Index (released October 19, 2026) found 43% of builders cutting prices, an average cut of 6%, and 65% offering incentives such as rate buydowns and closing-cost help.
In San Francisco, the gap is +17.2% per square foot: new construction closed at a median $1,318/sq ft against $1,125/sq ft for resales. Builder incentives like rate buydowns, closing-cost credits and free upgrades do not show up in the MLS close price, so the effective new-build premium is smaller than the close price shows. A buyer's agent can negotiate those incentives on top of the price.
Monthly payment: new vs resale at today's rate
At 7.24%, the average 30-year fixed rate in Freddie Mac's Primary Mortgage Market Survey for the week of October 29, 2026, with 20% down, principal and interest on the median new home in San Francisco ($1,774,000) come to $9,672 per month. The median resale ($1,600,000) comes to $8,723 per month, so the new home costs $949 more per month before taxes, insurance, HOA and any builder rate buydown.
Builder-paid rate buydowns can cut the first years of a new-home payment well below the figure shown, and resale sellers can be asked for the same credit.
Should you buy new construction or resale in San Francisco?
- Compare on price per square foot and lot, not list price. The median new build in San Francisco measured 1,325 square feet against 1,424 for a resale, so compare $1,318/sq ft with $1,125/sq ft, then check lot size and HOA dues before you compare totals.
- Ask the builder for the incentive sheet and the last three closed prices in the same community. San Francisco new builds closed at original asking and 17% had a price cut before closing, so closed prices tell you more than the list price.
- Use your own agent. Builders pay the buyer-side commission in most communities, and a flat-fee agent rebates it to you. Bring your agent to your first visit, because many builders only pay an agent who registered you.
- Get an independent inspection, even on a new home. City inspections check code minimums, not workmanship. Ask for a pre-drywall inspection and a final inspection before closing.
- For resale, use the share-reduced figure to find motivated sellers. 21% of resale listings in San Francisco have been cut from their original price, by a median 5.7%, and those sellers are the most open to an offer.
Methodology
We looked at closings of single family homes, condos and townhouses in San Francisco from our MLS feed, closed November 2025 through October 2026 (the prior 12 months for the year-over-year comparison), with implausible prices and sizes removed. A closing is counted as new construction when the listing was flagged as new construction or the home was built in the year of sale or the year before; everything else is resale. "Close vs original asking" is the median of close price divided by the original list price, so it includes price cuts made before the sale.
Active listings are as of November 3, 2026. Figures are medians unless stated. Published November 2026.
Frequently asked questions
Are new construction homes cheaper than resale in San Francisco?
No, not per square foot. New construction in San Francisco closed at a median $1,318/sq ft over the past 12 months, 17.2% more than the $1,125/sq ft median for resale homes (+17.2%).
How much does a new construction home cost in San Francisco?
The median new construction home in San Francisco sold for $1,774,000 and measured 1,325 square feet, at $1,318/sq ft. For contrast, the median resale sold for $1,600,000 at 1,424 square feet.
Do builders in San Francisco negotiate on price?
New homes in San Francisco closed at original asking, 43.9% sold below original asking and 17% had a price cut before closing. Resales closed 10.6% above original asking, with 22.6% below original asking and 10% cut. Builder incentives such as rate buydowns and closing-cost credits come on top and are not in those figures.
Has the new-build premium in San Francisco changed?
The gap per square foot moved from +18.0% for closings November 2024 to October 2025 to +17.2% for November 2025 to October 2026. New construction went from $1,161/sq ft to $1,318/sq ft, and resale from $984/sq ft to $1,125/sq ft.
Where are the new construction homes in San Francisco?
The most new-construction closings in San Francisco were in Financial District (30), Potrero Hill (12) and South of Market (12). As of November 3, 2026, 48 new-construction homes were listed for sale.
Related TurboHome guides
- New construction vs resale homes, by city
- Bay Area home buying guides
- Best time to buy a house in San Francisco
- Down payment on a house in San Francisco
- How long it takes to close in San Francisco
- HOA fees in San Francisco
- Best San Francisco neighborhoods for first-time buyers
- San Francisco housing market
- Income needed to buy a home in San Francisco
- Treasure Island / Yerba Buena Island new homes
- Hunters Point Shipyard / Candlestick new homes
- Mission Bay new homes
- California home buying guides
Buy new or resale in San Francisco with a flat-fee buyer's agent
About the Author
Vinura Abeysundara
Vinura Abeysundara is a real estate and growth professional with experience scaling homebuying platforms across Canada and the United States. Formerly Head of Growth at Zown, he now works with TurboHome and writes about homebuyer savings, flat-fee real estate, commissions, and technology in real estate.
View Vinura on LinkedInAbout Kevin Kretzmer
Head Agent, California
Kevin Kretzmer leads TurboHome's California agent team and reviews California and national buyer guidance for practical brokerage accuracy.
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