Redwood City Real Estate Market Update - June 2024

Redwood City, known for its vibrant downtown and growing tech presence, continues to attract homebuyers seeking a dynamic urban environment. As of May 2024, Redwood City's real estate market shows an active number of 49 listings for single-family homes and 23 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 16 days on the market and townhouses/condos averaging 33 days. This quick turnover reflects the strong buyer demand in the area, driven by the city's strategic location and vibrant community life. The rapid sales pace indicates a competitive market where buyers need to act quickly to secure properties.

The months of inventory in Redwood City stands at 1.2 months for single-family homes and 1.6 months for townhouses and condos, highlighting a seller’s market with high demand and relatively limited supply. These low inventory levels suggest that there are not enough homes to meet the robust buyer interest, putting upward pressure on prices. The price per square foot in Redwood City is $1,298 for single-family homes and $894 for townhouses and condos, reflecting stable property values. The city’s mix of urban amenities and suburban charm makes it an attractive location for homebuyers, contributing to the strong demand and competitive pricing.

The median sale price in Redwood City is $2,320,000 for single-family homes and $1,231,500 for townhouses and condos, showcasing the ongoing demand and competitive nature of the market. These significant median prices reflect the desirability of Redwood City as a residential destination, where the combination of economic opportunities, excellent schools, and a vibrant community life creates a strong market. As we move further into 2024, these trends are expected to continue, reinforcing Redwood City’s position as a key residential area in the region. The continued influx of homebuyers, coupled with the city’s robust economic base, will likely sustain high property values and competitive sales across all types of residential real estate.