San Mateo County Real Estate Market Update- May 2022

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San Mateo’s median sold price for single-family homes increased month-to-month to $2.4 million, continuing to create an all-time high. The number of homes sold was 377 while the number of new listings was 757. The number of condo & townhouses sales increased this month to $1.1 million with 268 new listings and 132 homes sold.

Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be above 100%. This time of year, the demand (buyers) is higher than the supply (sellers) making the market more competitive.

While temperatures start to rise, the market will begin to surge. 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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