What is the difference between a condo and a TIC in San Francisco?

A condominium is fee simple ownership of a legally separate unit plus a share of the common areas, governed by an HOA. A tenancy in common is undivided fractional ownership of the whole building on one deed, with a written TIC agreement rather than a recorded subdivision map assigning who occupies which unit. That difference drives financing, resale and governance, which is why TICs typically sell for less.

Are TICs a good investment in San Francisco?

They can be a sound purchase, and they are usually the least expensive way into a given building or block. The trade-offs are real: fractional TIC financing rather than a conforming mortgage, a co-ownership agreement that governs occupancy and exit, and tight limits on converting to condominium status. Underwrite a TIC as a TIC, not as a condo in waiting, and use a lender and an attorney who handle them regularly.

Why are San Francisco houses so much more competitive than condos?

Scarcity plus structure. In the 90 days through June 30, 2026 the typical house sold at 124.2% of list with 86.1% clearing over asking, while the typical condo sold at 101.5% with 57.0% over asking. Houses carry no HOA, no board and no shared walls, the supply is genuinely tight, and the softest segment in the city is a condo segment.

Is it cheaper to buy a condo or a TIC in San Francisco?

A TIC is generally the cheaper entry. Over the trailing twelve months through May 2026 the TIC median was about $1.06M against about $1.17M for condos and townhouses, and TICs were the only property type with a negative year-over-year move, down about 4.1%. The lower price reflects financing and governance differences, not a lower quality of home.

Should I buy a house or a condo in San Francisco?

Decide on ownership structure and monthly carry before price. A house gives you control, no board and no shared structure, at the cost of a much more competitive purchase and full responsibility for an older building. A condo gives you a lower entry price and professional management, plus genuine negotiating room in the current market, at the cost of dues and rules. Neither is better in the abstract.

House vs Condo vs TIC in San Francisco: Three Markets, Not Three Prices

The direct answer: in San Francisco these are three different markets, not three price points on one market. Houses run hot, condos sell close to asking, and TICs trade at a discount that exists for structural reasons, not because they are worse homes. The competition gap between houses and everything else is the widest thing in the local data. Pick the ownership structure first, then shop the price.

The current read

90 days through June 30, 2026 (Issue #07): houses a $2.15M median at 124.2% of list, 86.1% over asking, 12 days on market, 700 sales. Condos a $1.30M median at 101.5% of list, 57.0% over asking, 15 days, 672 sales.
Trailing year through July 11, 2026 (Issue #09): houses a $1.875M median, up 13.6%, 79.7% over asking, 30.3% cash, 2,253 sales. Condos a $1.20M median, up 4.6%, 45.5% over asking, 21 days, 37.1% cash, 2,393 sales.
Trailing twelve months through May 2026 (Issue #01): TICs a $1.06M median, down 4.1% year over year, 37 days on market, 50% over asking. Two-to-four-plus unit buildings a $2.0M median, up 6.7%.

Three property types, three ownership structures

The price differences follow the ownership differences, so start there. A single-family house is fee simple: you own the land and the structure, there is no board and no shared wall. A condominium is fee simple ownership of your unit plus an undivided share of the common areas, governed by an HOA with dues, reserves and rules. A tenancy in common is different in kind: several owners hold undivided fractional interests in one deed to the whole building, and a written TIC agreement, not a recorded map, assigns who occupies which unit. That single structural fact drives most of what follows. I walk through it property by property in condo vs TIC and the TIC agreement versus HOA documents.

The competition gap

Over the same 90 days, the typical house sold about 24 points over its asking price and the typical condo sold about one point over. On the blunter measure, 86.1% of houses cleared list against 57.0% of condos. Both lanes warmed up over the prior year, houses from about 78.6% to 86.1% over asking and condos from about 40.3% to 57.0%, but houses pulled away and the gap widened. TICs sit in between on that measure, at about 50% over asking, and take far longer to sell: a median 37 days against 13 for houses in the same window.

Why houses run hottest

This part is interpretation, and I want to label it that way. A San Francisco house is the scarcer and more contested thing: land, no shared walls, no HOA, no board, and a deep pool of buyers who want exactly that. Condos are more numerous, carry monthly dues, and include the softest corner of the city in the corridor towers. TICs carry the additional friction described below. Scarce supply plus deep demand is the whole recipe for bidding two dozen points over list.

Why TICs trade at a discount

A TIC is usually the least expensive way to buy in a given building or block, and the discount is compensation for real differences: financing is typically a fractional TIC loan rather than a conforming mortgage, which affects rate and lender choice; the co-owners share a written agreement that governs occupancy, maintenance and what happens when someone wants out; and converting to condominium status in San Francisco is tightly restricted, so a TIC should be underwritten as a TIC rather than as a condo in waiting. None of that makes a TIC a bad purchase. It makes it a purchase where the paperwork matters as much as the property, and where you want a lender and an attorney who do these regularly. I am not a lender or an attorney; route those questions to the people who are.

Which one fits you

Buy a house if you want control, no board, and no shared structure, and if you can carry both the price and the maintenance of an older building. Buy a condo if you want a lower entry price with professional management, and read the HOA reserves, the litigation history and the dues trend before you fall for the unit; see the HOA dues guide. Buy a TIC if the discount is meaningful to you, the building's co-owners and agreement look sound, and you have financing lined up that fits the structure.

What this means if you're buying

Decide the structure before you decide the neighborhood, because the structure sets your financing, your monthly carry and your competition. Then budget from closed prices in that specific lane. A buyer comparing a $1.3M condo to a $1.3M house is not comparing like with like, and the house will almost certainly cost more than its list price while the condo may not.

What this means if you're selling

Price to your property type, not to the citywide headline. The house number and the condo number have been telling different stories for over a year, and a condo priced against the house market sits. If you are selling a TIC, expect a longer marketing period and prepare the agreement, the financials and the financing story up front, because that is what buyers and their lenders will stall on.

Methodology note

Every figure here comes from closed MLS sales, processed through Paulo's POTM data engine and first published in the blog issues cited above, each with its own data-through date. Medians, not averages. Data is deemed reliable but not guaranteed and is subject to correction and revision.

House, condo, or TIC in San Francisco