San Mateo County Real Estate Market Update – December 2021

December 20, 2021 by Rumana Jabeen

In November, San Mateo’s median sold price for single-family homes increased to $2,002,000. That is up 31.3% compared to the same time last year.

The number of homes sold was down compared to the previous month to 479 which was a 4.0% decrease year-over-year. The number of new listings decreased month-over-month to 350 which was a 13.4% decrease year-over-year.

Inventory on the market decreased again in November to 0.7 months.

Buyers are also still being aggressive with their offer prices, with the median offer price at 109.6% of the list price in November.

In the condo/loft/TIC market, the median sales price increased to $925,000 which is up 10.1% year-over-year.

The number of condo/loft/TIC sales was down 13.1% year-over-year. Condo/loft/TIC inventory has decreased month over month at 1.3 months.

With higher inflation, interest rates may rise which will create countervailing downward pressure on home prices due to the resulting higher monthly payments.