A California home has sold for more than $700,000 over its asking price as the housing market remains inflated in the San Francisco Bay Area.
The house at 1459 34th Ave. in San Francisco sold for 2.03 million on November 5, according to its Zillow listing, reflecting a larger trend within the Golden State’s housing market.
Why It Matters
Low inventory in the U.S. housing market has pushed prices upward in recent years, and this is heightened in certain desirable markets in California. The average home price in the United States is around $400,000 in 2025, according to Forbes, but it’s rare for a home to be purchased at such a higher price than its original asking tag.
What To Know
The three-bedroom, two-bath home of 1,820 square feet on 34th Avenue was built in 1938 and sits on a 2,997-square-foot lot.
“Upstairs: a living room with vaulted ceilings, stenciled beams, a fireplace, and refinished hardwood floors. A formal dining room. A bright kitchen with skylights and casual dining space. Bedrooms capture ocean views with tall plaster-detailed ceilings adding timeless character. The primary includes a large closet area and the comfort of direct access to a spacious bath with tub and shower,” the Zillow listing reads.
“Downstairs: a full bedroom with its own bath, flexible enough for guests, a home office, or a family room. And then there’s the garage. Large. Cavernous. Soaring ceilings. A place for cars and storage today with the potential for living space tomorrow, and driveway parking to spare.”
In early October, the home entered the market with an asking price of $1.29 million and the final sale figure surpassed that by more than $700,000.
“By the time multiple people have come to see this ‘steal of a house,’ the agent is already sitting on multiple offers. Which causes a bidding war,” Michael Ryan, finance expert and founder of MichaelRyanMoney.com, told Newsweek.
What People Are Saying
Nationwide title and escrow expert Alan Chang told Newsweek: “With real estate, people always say that location is everything. In this case, that rings true. The Outer Sunset is a highly desirable neighborhood with limited availability so when property becomes available, desperate buyers with the financial means have the ability to skew the going rate by outbidding competing offers. While the excess amount may be artificially high, the new owner got what they wanted and has the ability to remodel to a larger home as well as keeping the desired location.”
Ryan also told Newsweek: “This home? It ticked every single box. Bidding war winners who overbid by 20-30 percent typically waive inspections and appraisals to close. Result: higher defaults and weaker long-term returns. The Noe Valley winner dropped both contingencies.”
Alex Beene, financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “While it’s not entirely sure why this particular home sold for so much over the asking price, it does reflect a growing trend in the San Francisco area that reflects a remarkable real estate turnaround. After a rather stagnant two years of home sales in the area that looked similar to many other markets seeing real estate sale declines, the market has come roaring back in recent months. The answer is three-fold: buyers who are moving to or relocating who are partaking in the AI boom, slightly lower interest rates than one year ago, and a stock market that is skyrocketing despite economic concerns. Buyers are taking advantage of those factors.”
What Happens Next
Experts say buyers should expect this sort of behavior for the next six to 12 months as interest rates stay favorable.
“Whether buyers should participate? My experience and the data suggest they’ll regret it,” Ryan said.
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