San Mateo County Real Estate Market Update – October 2021

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San Mateo’s median sold price for single-family homes continued the slow downward trend over the last few months with the September median sold price being $1,879,000. That is still up 10.5% compared to September 2020.

The number of homes sold was down slightly compared to last month to 505 which was a 0.6% increase year over year. The number of new listings was also down month over month to 578 which is a 14.75% decrease year over year.

Inventory on the market continues to be low at 1 month.

Buyers are also still being more aggressive with their offer prices, with the median offer price still above 100% at 108.1% of the list price in September.

In the condo/loft/TIC market, the median sales price was $925,000 which is up 1.1% year-over-year.

The number of condo/loft/TIC sales was up 3.16% compared to last September. The Inventory has slightly increased to 1.4 months.

With higher inflation, interest rates may rise which will create 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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