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San Mateo County Real Estate Market Update - June 2024

San Mateo County, known for its scenic coastline and affluent neighborhoods, continues to attract homebuyers seeking a blend of suburban tranquility and proximity to Silicon Valley. As of May 2024, the real estate market in San Mateo County is vibrant, with 539 active listings for single-family homes and 248 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 15 days on the market and townhouses/condos averaging 24 days. This quick turnover for single-family homes and relatively brisk pace for townhouses and condos indicates strong buyer demand, driven by the county’s desirable living conditions and strategic location. The competitive nature of the market necessitates that buyers act quickly to secure properties.

The months of inventory in San Mateo County stands at 1.4 months for single-family homes and 2.1 months for townhouses and condos, reflecting a moderately competitive seller’s market for both property types. These levels of inventory suggest a slight easing in market tightness compared to neighboring counties, providing more options for buyers. The price per square foot is $1,271 for single-family homes and $845 for townhouses and condos, indicating stable and high property values. San Mateo County’s blend of urban amenities, scenic beauty, and high-quality schools makes it an attractive destination for homebuyers, contributing to the strong demand and competitive pricing.

The median sale price in San Mateo County is $2,300,000 for single-family homes and $930,000 for townhouses and condos, showcasing the ongoing demand and high-value nature of the market. These significant median prices underscore the county’s status as a desirable residential destination, where the combination of economic opportunities, excellent schools, and vibrant community life creates a strong market. As we progress through 2024, these trends are expected to persist, 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.

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