Welcome to this month’s real estate market report for the California community of San Mateo County. The market for single family homes and condos in San Mateo County over the last month has slowed, sale prices fell month to month and inventory available to buyers has increased. Find out more about the San Mateo County housing market in this helpful report.
Are you ready to buy a home or condo in San Mateo County today? Start your search here to find properties by price, size, location, and more. Save your favorite properties that you want to tour, then, register to be notified when new properties that match your needs become available so you don’t miss out! Find your perfect home today!
Do you own a home or condo in San Mateo County and are thinking of selling but you are not sure for what price? Find out the true value of your home or condo by using our free home valuation tool. To get started, simply enter some basic information about your property, next, we will provide you a confidential market summary of your home along with a suggested listing price. Find out today what your home is worth.
San Mateo Housing Stats
At the end of July the median sale price for single family homes in San Mateo County was $1,900,000, this is down from $2,000,000 at the end of June, and down also from $2,000,000 at the end of July 2024.
There was a total of 362 single family homes sold in San Mateo County during the month of July, this is down from 370 sold during the month of June, and up from 310 single family homes sold in July of 2024.
A total of 423 new listings hit the market in San Mateo County last month.
There is a total of 617 single family homes for sale in San Mateo County at the end of July, this is down from a total of 650 total listings, and up from 510 total listings at the end of July of last year.
San Mateo County a total of 1.7 months of inventory for sale, this is up from 1.2 months of inventory available at this time last year.
Single family homes were on the market for an average of 25 days before being sold during the month of July, this is up from 22 days on the market before being sold during the month of June, and up from 20 days during the month of July 2024.
Sellers were getting 102.5% of their asking price at closing, during the month of July, this down month to month from 102.7%, and down from 105.4% during July of 2024.
San Mateo Condo Stats
At the end of July, the median sale price for condos in San Mateo County was $988,000, this is up month to month from $970,000, but down from $1.500,000 at the end of July 2024.
There was a total of 88 condos sold in San Mateo County during the month of July, this is down from 90 condos sold during the previous month, and down from 100 sold during the previous July.
A total of 151 new condo properties were offered to the market during July.
There is a total of 342 condo properties for sale in San Mateo County at the end of July, this is down from 370 total condos for sale during June, and up from 280 total condos for sale at the end of July 2024.
At the end of July San Mateo County had a total of 3.9 months of inventory available to buyers.
Condo properties in San Mateo County were on the market for an average of 38 days before being sold, this is down from 42 days on the market during June, and up from 27 days on the market before being sold during July 2024.
Sellers were getting 99.9% of their asking price at closing, this is in line with the previous month, down from 102.2% of seller asking price at closing.
What Does This Mean For Buyers?
Buyers looking for a home or condo in San Mateo can expect to see more inventory available, and prices slightly lower. Buyers can leverage the slowdown in market activity and offer a lower than asking price for properties. Competition for homes and condos has slowed, and in the case of condos, buyers are paying less than full asking price.
Buyers may be able to get more value for their money as impatient sellers reduce their asking price or are willing to meet buyers demands. If the current trends continue the market may start to shift to favor buyers, however, if more buyers enter the market this could cause a spike in sale prices.
What Does This Mean For Sellers?
Single family home and condo owners who have their property for sale or are thinking of selling should realize that the demand for single family homes and condos is slowing. While there are still active and qualified buyers, for some, average list prices for properties are still out of reach, and many buyers remain sidelined. There is an expectation that this trend will continue in 2025.
Sellers of single family homes and condos should exercise patience with the market, position your home to highlight the most in demand features, and price the home correctly and competitively. There is continued demand for homes and condos, however, sellers should anticipate fewer offers for their home, and overbidding for properties has declined over the summer.
If you are thinking of buying or selling real estate in San Mateo County, California, give us a call and let our professional and experienced agents go to work for you
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 $1,900,000 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 $988,000 or less.