August 2023 San Mateo County Market Update
The San Mateo County Real Estate Market Proves Resilient!
According to a recent article in Palo Alto Online, San Mateo only Bay Area county to see increased sales activity compared to 2022. The article notes that “San Mateo was the only county in the region whose sales increased both year-over-year (3.4%) and month-over-month (14.8%).” Comparatively, the California Association of REALTORS (CAR) notes “sales of single-family homes in the state during June were down 4.1% on a monthly basis compared to May and down 19.7% compared to the same time last year.”
This extends to the value of rental properties, too. Rumana was recently quoted in an SF Chronicle article discussing the desirability of Foster City because of its proximity to San Francisco to the north and San Jose to the south, and because of its safety, good schools, and community neighborhood feel.
In fact, Foster City, is the most expensive rental market in the Bay Area, according to the latest Apartment List data as of June 2023. Foster City’s median rent for a two-bedroom unit was $3,770 as of this June — nearly $1,200 higher than San Francisco’s, according to the data. And it’s over $1,700 more than Berkeley’s. The city’s median rent has been above $3,000 since at least 2017, meaning it’s consistently been one of the most expensive places to rent in the Bay Area for six years or more.
