San Mateo County Real Estate Market Update – March 2022

In February, San Mateo County’s median sold price for single-family homes increased to $1,962,500.
That is up 12.1% compared to the same time last year.

The number of homes sold increased marginally compared to the previous month to 220,
which was a 23.9% decrease year-over-year. The number of new listings increased month-over-month to 450, which was a 4.1% decrease year-over-year.

Inventory on the market increased month-over-month to 1.5 months.

Buyers are also still being aggressive with their offer prices, with the median offer price at
115.2% of the list price in February.

In the condo/loft/TIC market, the median sales price increased to $1,037,500, up 20.9%

The number of condo/loft/TIC sales was down 17.2% year-over-year. Condo/loft/TIC
inventory increased slightly month-over-month at 1.4 months.

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

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This post was written by Rumana Jabeen

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