Welcome to this month’s real estate market report for San Mateo County, California. Situated on the San Francisco Peninsula, this county is home to 764,442 people and is a mix of mostly suburban homes and corporate campuses. The real estate market for single-family homes and condos is one of the most in-demand areas to live. Find out more about the real estate market in San Mateo County in this helpful report.
Are you ready to buy a home in San Mateo County? Start your search here to find homes and condos by price, size, location, and more! Be sure you save your favorite properties that you want to tour, then sign up to be notified as soon as new listings appear that meet your needs so you don’t miss out. Get started today!
Do you have a home or condo you would like to sell in San Mateo County but are not sure what it is worth? Find out what your property may be worth by using our free home valuation tool. Simply enter some basic information about your home or condo and we will provide you with a confidential market summary and a suggested list price. Knowing your home’s true worth is the first step to selling your home. Find out what yours is worth today!
San Mateo Housing Stats
At the end of January 2024, the median sale price for single-family homes in San Mateo County was $1,800,000. Single family home prices in San Mateo County have increased from $1,400,000 at the end of the previous January. During 2023 the highest average was $2,000,000 at the end of February.
There was a total of 137 listings sold during the first month of 2024, which is down from 275 sold during December, and down from a high of 375 sold during the month of June 2023.
There were 289 new listings to hit the market, which is up from 250 during December, and down from a high of 580 listings during September of 2023.
Single family homes are on the market for an average of 44 days before being sold, and sellers are getting 100.1% of their original list price at closing.
At the end of January, there was just one month of single-family housing inventory available to buyers.
San Mateo Condo Stats
The median sale price for condos in San Mateo County at the end of January 2024 was $772,000. Condo sale prices have decreased year to year, falling from $855,000 at the end of the previous January. Condo sale prices are down from there high of $1,100,000 at the end of March 2023.
There was a total of 60 condo listings sold during January, down from 70 sold in December 2023, and down from a high of 115 sold during the month of June 2023.
There was a total of 126 new listings to hit the market in San Mateo County during January. New listings are down just slightly from December 2023, and down from a high of 225 during the month of October 2023.
Condo properties in San Mateo County are on the market for an average of 68 days before being sold, and sellers of condos are getting 100% of the original list price at closing.
At the end of January there was just 1.5 months of condo supply available in San Mateo County.
What Does This Mean For Buyers?
Buyers looking for properties in San Mateo County will find fewer homes and condos for sale as there is a month and month and a half of inventory available. Competition for homes and condos continues as overbidding has increased from 98% at this time last year to 100% at the end of January 2024. As inventory continues to remain low, expect prices to begin trending higher as we head in to the spring season.
Buyers should have a plan of action and be prepared to act quickly when a property is found. Buyers should exercise caution in some cases to prevent overpaying for a property.
What Does This Mean For Sellers?
The market for single-family homes and condos in San Mateo County favors sellers at this time. While there has been a slowdown in sales of properties, the average days on the market before a home is sold has increased year to year, there still is demand for homes and condos in San Mateo. Overbidding for properties is down from one year ago, sellers on average are getting 100% of their original list price at closing.
In a dynamic market like San Mateo County, sellers of homes and condos should do their diligence to price their property accurately, pricing too low can cost you money, and pricing too high can cost you time. Be sure to check out our home valuation tool so you know that your home is priced accurately and competitively.
For both sellers and buyers, San Mateo County continues to experience seasonal real estate activity, and future trends may see prices slowly increase into the summer months, especially if inventory levels remain low.
If you are thinking of buying or selling a home or condo, give us a call today. We are experts in navigating dynamic markets like San Mateo and work with you to develop a strategy to accomplish your real estate goals.
San Mateo County Homes for Sale
Here are the most recent single-home listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $1,800,000 or less.
San Mateo County Condos for Sale
Here are the most recent condominium listings just added to the database in the median sale price range for San Mateo County. All homes here are priced at $772,000 or less.
