San Mateo County Real Estate Market Update – November 2021
November 19, 2021
In October, San Mateo’s median sold price for single-family homes increased to $1,903,750. That is up 19.7% compared to the same time last year.
The number of homes sold was down compared to the previous month to 482, which was a 17.6% decrease year-over-year. The number of new listings increased month-over-month to 510, which was a 24.8% decrease year-over-year.
Inventory on the market decreased in October to 0.9 months.
Buyers are also still being aggressive with their offer prices, with the median offer price at 108.6% of the list price in October.
In the condo/loft/TIC market, the median sales price decreased to $897,500, down 0.2% year-over-year.
The number of condo/loft/TIC sales was up 4.7% year-over-year. Condo/loft/TIC inventory has remained the same 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.
Tags: Market Overview, Real Estate Market Trends, San Mateo County Real Estate
Categorized in: Rumana Jabeen Real Estate
This post was written by Rumana Jabeen