San Mateo County Real Estate Market Trends Past 3 Years - Q2 2024

San Mateo County, known for its picturesque landscapes and prime location between San Francisco and Silicon Valley, continues to be a highly desirable area for homebuyers. As of Q2 2024, San Mateo County’s real estate market shows a number of 1,063 sold single-family homes. Homes are selling quickly, with single-family homes averaging just 17 days on the market. This rapid turnover highlights the strong demand for properties in this county, driven by its strategic location and high quality of life. The quick pace of sales indicates a competitive market where buyers need to act swiftly to secure homes. Similarly, the condominium and townhouse segment in San Mateo County is also robust. As of Q2 2024, there are 318 sold units, with these properties averaging 26 days on the market. This rapid turnover for condos and townhouses indicates strong demand, appealing particularly to those seeking a more affordable entry into the market while enjoying the same desirable location and amenities.

The price per square foot in San Mateo County stands at $1,241 for single-family homes, reflecting stable and high property values. Over the past three years, the price per square foot has increased steadily from $1,059 in Q1 2021 to $1,241 in Q2 2024, indicating a strong and consistent appreciation in property values. The county’s blend of suburban charm and urban amenities makes it an attractive location for homebuyers, contributing to the strong demand and competitive pricing. For condominiums and townhouses, the price per square foot has risen from $785 in Q1 2021 to $849 in Q2 2024, reflecting the increasing value of these properties. This trend shows that even more affordable housing options are appreciating significantly, making San Mateo County a solid investment for various types of buyers.

The median sale price in San Mateo County is $2,101,000 for single-family homes, showcasing the ongoing demand and competitive nature of the market. Historically, the median sale price has seen a significant rise from $1,718,000 in Q1 2021, reflecting a substantial increase over three years. These significant median prices reflect the desirability of San Mateo County as a residential destination, where the combination of economic opportunities, excellent schools, and a vibrant community life creates a strong market. The condominium and townhouse market also shows strong performance, with a median sale price of $960,000 in Q2 2024, up from $850,000 in Q1 2021. This increase highlights the growing demand and rising property values in this segment as well. As we move further into 2024, these trends are expected to continue, reinforcing San Mateo County’s position as a key residential area in the region. The continued influx of homebuyers, coupled with the county’s robust economic base, will likely sustain high property values and competitive sales across all types of residential real estate.