San Mateo County Real Estate Market Prices, Trends, and Forecast 2023

San Mateo County Real Estate Market Prices, Trends, and Forecast 2023

  • The Oldham Group
  • 12/14/23

San Mateo County, nestled comfortably between San Francisco and Santa Clara County, is a jewel of the San Francisco Bay Area. With its stunning coastline, proximity to major tech hubs, and a unique blend of urban and suburban lifestyles, it's no wonder that the real estate market in this region is always a hot topic of conversation.

In this comprehensive guide from the trusted team at The Oldham Group, we will delve deep into the intricacies of San Mateo County's real estate trends. We'll explore what makes this market tick, what influences property values, and how you can navigate the twists and turns of buying and selling homes in this dynamic part of California.

The Economic Powerhouse of Silicon Valley

When discussing the San Mateo County real estate market, it's impossible to overlook the incredible impact of Silicon Valley. Major tech corporations like Facebook, Google, and Oracle have headquarters in this region, drawing in a skilled and affluent workforce. This influx of tech professionals has a substantial influence on property values and rental rates, contributing to the county's reputation as one of the most desirable places to live in the United States.

A Closer Look at Property Types

San Mateo County offers a diverse array of property types. Whether you're interested in a single-family home, a condo with an exquisite view, or a charming townhouse, there is no end to the varying landscapes of housing options in the county. If you’re seeking a home, we will help you find the perfect fit!

Market Trends and Housing Prices

The heart of our discussion is undoubtedly the housing market itself. If you’re hoping to buy or sell a home in San Mateo County, it’s vital to have a solid grasp of the housing landscape and what you can expect.

With a bustling tech industry, breathtaking natural beauty, and a thriving job market, San Mateo County's real estate market is known for its competitiveness. As of the latest market update by the California Association of Realtors, the median price of single-family homes in San Mateo County is currently $1.95 million. This represents a 5.1% increase year-over-year and a 0.3% increase since last month. For condos, the median sales price currently sits at just over $920,000, which is on par with figures last year.

The Level of Inventory and Time Spent on the Market

Home sales have leveled out, with closed transactions for single-family homes dropping by 0.4% since last month and by 23% since last year. Unsold inventory continues to rise, currently with just 2.4 months of inventory — a market that continues to lean toward sellers. Even so, the amount of inventory has increased by 14.3% year-over-year. This trend indicates that even though price points are still on the rise, buyers may have more choices to select from in the San Mateo County real estate scene.

In addition, single-family homes are spending approximately 11 days on the market, which is an 8.3% decrease over the past month and 37% faster than last year. Even with prices continuing to increase, homes are selling at a faster rate.

Tips for Success

San Mateo County's competitive real estate market can be both exhilarating and challenging for prospective buyers. To succeed, consider these top strategies. First, work with a knowledgeable local real estate agent at The Oldham Group who understands the intricacies of the market and can keep you focused on your end goals. We can help you identify hidden gems and guide you through all the complexities of the home-buying process. Second, secure your financing well ahead of time. With numerous buyers vying for the same properties, having your finances in order, including pre-approval for a mortgage, gives you a competitive edge in the market. Third, be prepared to act quickly when you find a property you truly love. As discussed, desirable homes can disappear from the market in a matter of days. If you find a property that meets your criteria, don't hesitate to make a strong, well-considered offer.

Sellers, on the other hand, have a unique opportunity to capitalize on strong demand. To succeed, focus on presentation. Ensure your property is in its best possible condition, from home repairs to staging. High-quality listing photos and virtual tours can make a significant difference in attracting potential buyers. Price your property competitively from the start. While it's tempting to aim for a high initial listing price, a well-priced property can generate multiple offers and potentially exceed the asking price. Work closely with our experienced local real estate experts, who can provide valuable insights on pricing and marketing strategies that get results. Finally, be prepared for quick decision-making. In a fast-paced market, you might receive offers within days of listing your property. Respond promptly and negotiate wisely to secure the best deal.

By leveraging these strategies, both buyers and sellers can thrive in the competitive real estate landscape of San Mateo County. Whether buying or selling, an experienced local agent is pivotal in securing the best price tailored to the prevailing market conditions. Our expert guidance offers a seamless real estate journey, maximizing gains for sellers and value for buyers.

Your trusted partner in San Mateo County

If you’re ready to get started in San Mateo County real estate, it’s time to team up with only the best. Contact The Oldham Group today to get started toward success, whether you’re striving for a streamlined sale or the perfect new property. We approach every client with unmatched professionalism and are well-prepared to guide you to your goals. Reach out today!

*Header photo courtesy of Shutterstock

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