San Mateo County Real Estate Market Update – October 2022
October 19, 2022
In San Mateo County, the median sold price for single-family homes in September decreased month-over-month to $1.7 million. The number of homes sold decreased to 359, and the number of new listings decreased to 471. The number of condo and townhouse sales decreased to $910 thousand with 92 units sold and 158 new listings.
Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.
This post was written by Rumana Jabeen