San Francisco Multifamily Report - Year-End 2022 Market Overview
San Francisco Multifamily Continues to Sell Amid Economic Challenges
Despite economic challenges in the past year, including inflation, tech company layoffs, and a weakened global economy, the multifamily sector in San Francisco remained active. In 2022, the San Francisco multifamily market saw 777 2 to 4 unit listings with 478 transactions, and 291 5+ unit listings with 137 transactions. Despite the adverse economic conditions, the number of 5+ unit transactions in 2022 compares favorably to the 158 transactions in 2021, 237 in 2015, and the 108 transactions at last bottom of the market in 2009, indicating an active pace of multifamily transactions regardless of market conditions.
The forward outlook is particularly positive after the nation's inflation rate slowed at the end of the year. In response, the Federal Reserve raised the federal funds rate by just 25 basis points to stabilize the debt market. Banks followed by leveling off or even reducing their interest rates. Additionally, low multifamily vacancy and unemployment in the city have eased worries about a significant disruption to the multifamily market.
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