Homes near or above $10 million are now selling in San Francisco neighborhoods that never saw them before, including Potrero Hill, South Park and Alamo Square, the SF Standard reported Sunday.

Why it matters: The $10 million tier used to be limited to Pacific Heights, Presidio Heights and Seacliff. Agents say AI wealth and a shortage of large homes are spreading those prices across the city.

The record sales

  • Potrero Hill: An updated midcentury modern got its $10 million asking price in September, a neighborhood record.
  • South Park: A single-family home at 70 South Park, known as the Gallery House, sold for $11.5 million before reaching the open market.
  • Alamo Square: An 1899 Victorian at 818 Steiner sold for $10.5 million last month, topping the $9.125 million sale by the Stripe founders in June.
  • 1125 Hayes, listed at $7 million, sold within days on a preemptive offer $2 million over asking.

The market numbers

  • Compass data cited by the Standard: sales above $5 million up 109% year over year, and the fewest September listings since 2020.
  • Compass agent Ruth Krishnan said homes around $7 million have "all gone up 30% or 40%."
  • Sotheby's agent Joseph Lucier called the overbids "astronomical" and compared the market to the late-1990s dot-com era, with Anthropic and OpenAI IPOs expected.
  • Coldwell Banker's Joel Goodrich said he expects the climb to continue for two to three years, barring major geopolitical turmoil.

Next in line

  • Agents named St. Francis Wood, Forest Hill and Cole Valley as neighborhoods that could reach eight figures if large homes come on the market.