San Mateo County Real Estate Market Update – September 2021

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In August, San Mateo’s median sold price for single-family homes continued the slow downward trend the last few months with the August median sold price being $1,925,000. That is still up 6.9% compared to August 2020.

The number of homes sold was down slightly compared to last month to 409 which was a 4.3% increase year over year. The number of new listings was also down month over month to 424 which is a 22.8% decrease year over year. Inventory on the market continues to be low at 0.8 months.

This is still within a national trend where there are more residential sales transactions year-to-date than any prior year, and predictions that this pace will continue with 2021 closing out approximately 17% above a “normal” year’s 5.5 million home sales.

The median sold price per square foot was up 12.0% year over year, to $1,170.

Buyers are also still being more aggressive with their offer prices, with the median offer price still above 100% at 104% of the list price in August.

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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