San Mateo County Real Estate Market Update – November 2021

November 19, 2021 by Rumana Jabeen

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.