Bay Area Apartment Building Market, Q2 2026: 5+ Unit Sales by County

San Francisco 5+ unit apartment building sales jumped 70% year over year in Q2 2026 to 281 transactions, with a median price of $2.45 million (up 11%). Santa Clara County prices rose 28% to a $2.43 million median. Alameda County's median fell 41% to $1.39 million, and San Mateo County's slipped 19% to $2.46 million on just 22 sales. The Bay Area apartment market is splitting by county more than it has in years.

5+ Unit Apartment Building Sales, Q2 2026

County by County

San Francisco: activity is back

A 70% jump in sales is the clearest sign yet that San Francisco's apartment market has moved past the 2023–2024 slowdown. Buyers are coming back, and the median price is rising with them. More sales mean more comparable sales, which makes buildings easier to value and finance.

San Mateo County: thin trading, prices resetting

With only 22 sales in the quarter, San Mateo County, including Burlingame and the city of San Mateo, remains a low-inventory market. A single large or small sale can move the median sharply, so the 19% price drop says as much about which buildings sold as about values. Owners on the Peninsula still face little competing inventory, which can work in their favor with the right pricing.

Alameda County: buyers are price-sensitive

Alameda County, which includes Oakland and the Lake Merritt area, saw its median 5+ unit price fall 41% to $1.39 million. Part of that reflects a shift toward smaller and older buildings selling. Even so, East Bay buyers are clearly underwriting conservatively. For owners, that means rent rolls, operating expenses and deferred maintenance will be scrutinized closely.

Santa Clara County: strong pricing

Santa Clara posted both more sales (+25%) and higher prices (+28%), making it the strongest county in the report on both measures.

What This Means for Bay Area Apartment Owners

• Timing differs by county. San Francisco and Santa Clara owners are selling into rising activity. In Alameda County, preparation and pricing strategy matter more than timing.
• Medians can mislead in small markets. In San Mateo County and parts of the East Bay, a valuation should rest on closely comparable sales, not on a county-wide median.
• Buyers are back, but they are selective. Well-documented buildings with clear rent upside are attracting the most competition.

Source: Compass, "The Bay Area 5+ Unit Apartment Building Market," September 2026, data through June 2026 (public records and MLS, snapshot of September 22, 2026). Sales counts include transactions recorded in public records and may differ from MLS-only reports. All figures are approximate.

Find Out What Your Building Is Worth

Hanna John Azar is a Bay Area multifamily broker with Compass Commercial, specializing in 5–100 unit apartment buildings in San Francisco, San Mateo County, Oakland and West Contra Costa County. For a confidential opinion of value, contact Hanna John Azar at 415-875-0177 or [email protected].