San Mateo County Real Estate Market Update – September 2022

In San Mateo, the median sold price for single-family homes in August 2022 was similar to last year at $1.8 million. The number of homes sold decreased to 339 and the number of new listings also decreased to 406. The number of condo & townhomes sales decreased month-over-month to $899 thousand with 128 units sold and 144 new listings.

Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. There is no doubt that higher interest rates have impacted demand for homes. But low inventory continues to be a factor as well. A balanced market is considered representative of 6 months’ supply of homes. When factoring in the number of completed homes, the month’s supply of homes available was less than a month at 25 days. This ongoing imbalance of supply and demand

should continue to be supportive of home prices.