San Mateo, CA
Housing Market
San Mateo's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into San Mateo’s supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellSan Mateo Housing Market Overview
The housing market in San Mateo caters to the Bay Area's diverse and affluent population. It features a mix of residential options, from classic Craftsman homes to modern tech-centric developments. The San Mateo real estate market has shown resilience in recent months. The city's housing prices have increased by 1.5% YoY to $1,552,500. San Mateo homes typically remain on the market for just 14 days, a slight 2-day increase from last year. It’s a sign that the city remains a fast-moving market despite high price points. Over the years, San Mateo, CA neighborhoods have continued to attract buyers with their top-notch schools and proximity to major tech employers.
On the other hand, home sales in San Mateo have experienced a modest decline. Only 50 homes were sold this month, a 2% decrease from the same time last year. This slight reduction in transaction volume may reflect the affordability challenge in this premium market. Nevertheless, the city's real estate market continues to be a key driver of the Peninsula's economy. Known for its excellent quality of life, diverse neighborhoods, and strategic location, San Mateo remains highly sought after by tech professionals and families. For sellers, the high median price and quick market absorption present favorable conditions. Meanwhile, buyers must act decisively despite the gradual inventory expansion.
On the other hand, home sales in San Mateo have experienced a modest decline. Only 50 homes were sold this month, a 2% decrease from the same time last year. This slight reduction in transaction volume may reflect the affordability challenge in this premium market. Nevertheless, the city's real estate market continues to be a key driver of the Peninsula's economy. Known for its excellent quality of life, diverse neighborhoods, and strategic location, San Mateo remains highly sought after by tech professionals and families. For sellers, the high median price and quick market absorption present favorable conditions. Meanwhile, buyers must act decisively despite the gradual inventory expansion.
Median Sale Price
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San Mateo Housing Supply
San Mateo presents a lucrative market for real estate investors due to its consistent demand and strong appreciation potential. The number of homes for sale in San Mateo has increased to 126—a substantial 70.3% YoY rise. New listings have shot up by 35.5% from last year, with 103 fresh properties entering the market. The San Mateo housing supply currently stands at 2.6 months citywide, up 1.1 months from the previous year. While this is a clear indicator of a seller's market, the expanding inventory suggests movement toward less competitive conditions.
San Mateo's housing supply typically experiences seasonal variations, with spring and early fall seeing increased listing activity. The city's appeal stems from its combination of suburban comfort and urban accessibility, with Caltrain providing direct connections to San Francisco and Silicon Valley. San Mateo Park, Baywood, Aragon are some of the best neighborhoods in San Mateo for diverse inventory options. The city’s highly-rated public schools, shopping destinations, and abundant parks draw in young professionals and families alike.
San Mateo's housing supply typically experiences seasonal variations, with spring and early fall seeing increased listing activity. The city's appeal stems from its combination of suburban comfort and urban accessibility, with Caltrain providing direct connections to San Francisco and Silicon Valley. San Mateo Park, Baywood, Aragon are some of the best neighborhoods in San Mateo for diverse inventory options. The city’s highly-rated public schools, shopping destinations, and abundant parks draw in young professionals and families alike.
# of Homes for Sale
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San Mateo Housing Demand
The San Mateo, CA real estate market shows intense competition despite gradually moderating conditions. 54% of San Mateo homes are selling above their list price, a modest decrease of 2.9 percentage points from last year. Meanwhile, price reductions have increased slightly, with 20% of San Mateo properties selling below-list. The sale-to-list price ratio of 104.3% means that sellers receive about 4.5% above their asking prices on average.
These metrics reflect a market that strongly favors sellers. If you plan to make a sale, you’re likely to get above the asking price for homes in San Mateo. For buyers, the expanding inventory and slight cooling in competition metrics make for somewhat improved conditions. However, the 14-day median time on the market means that you need to be decisive. You could secure financing in advance in order to be well-prepared.
These metrics reflect a market that strongly favors sellers. If you plan to make a sale, you’re likely to get above the asking price for homes in San Mateo. For buyers, the expanding inventory and slight cooling in competition metrics make for somewhat improved conditions. However, the 14-day median time on the market means that you need to be decisive. You could secure financing in advance in order to be well-prepared.
Homes Sold Above List Price
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Strong
Buyer
Buyer
Balanced
Seller
Strong
Seller
Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
San Mateo Market: When to Buy or Sell?
San Mateo's housing market operates slightly differently from other areas in the California real estate market. Demand here is driven primarily by tech industry hiring cycles, as compared to more volatile markets. The current 2.6 months of supply remains well below the balanced conditions of the US real estate market (5 to 6 months). This indicates that sellers maintain a significant advantage despite the expanding inventory.
For sellers, the quick market absorption, more San Mateo homes selling above-list, and strong sale-to-list price ratio create favorable conditions for listing. The modest 2.5% growth suggests prices remain high, but may not appreciate at rates seen in previous years. For buyers, the increase in inventory provides more options than in recent years. With supply still indicating a seller's market, buyers should be equipped with strong offers and quick decision-making. Carefully consider these market indicators and your personal circumstances when timing your sale or purchase.
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Frequently Asked Questions
How have San Mateo home prices changed over the past year?
Over the past year, the average home price in San Mateo, CA has shown modest growth. The median home value is at $1,552,500, only a 1.5% increase from the previous year. This stability at premium price points demonstrates San Mateo's enduring appeal in the competitive Bay Area market. Consider using our free home value estimator to assess your property's current market value.
What are San Mateo, CA real estate predictions for 2025?
The San Mateo housing market is expected to maintain its stability through 2025, with the potential for slight price growth as inventory expands. The short supply period points to a seller's market, while the city's prime location should continue to support demand.
What's the average home price in San Mateo?
The average house price in San Mateo varies significantly based on factors like property type, neighborhood, and lot size. While the median home price stands at $1,552,500, condos can cost around $890,000. Single-family homes average $2 million, while luxury homes in premier neighborhoods like San Mateo Park or Baywood can easily exceed $3-5 million. If you're looking for options, you can browse San Mateo houses for sale .
Is this a good time to buy a house in San Mateo?
Current market conditions in San Mateo present a mixed picture for potential buyers. While inventory has increased significantly, the market remains competitive. You can check current housing market trends in San Mateo before you time your investment.
How is the San Mateo housing market right now?
The San Mateo real estate market remains highly competitive despite early signs of normalization. With median prices up 2.5% YoY and 54% of homes selling above the asking price, there’s a clear seller advantage. However, the expanding inventory (up 70.3% YoY) suggests gradual movement toward less extreme conditions.
When will the San Mateo housing market cool down?
San Mateo’s housing market shows early signs of normalizing, with expanding inventory and slightly moderating competition metrics. However, the market remains fundamentally competitive. A significant cooling seems unlikely in 2025, given San Mateo's premium location and persistent housing shortage.
How to buy a house for sale in San Mateo?
The process of purchasing a house in San Mateo should begin with establishing a clear budget and securing a mortgage pre-approval. Given the high prices, you might need a jumbo loan. Then, browse homes for sale in San Mateo to find the right home for you. Be prepared to make quick decisions and competitive offers.
How can I list my house for sale in San Mateo?
You can list your home for sale with a Flat Fee MLS California listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in San Mateo?
The average mortgage rate for buyers in San Mateo currently fluctuates between 6.43% and 7.02%, consistent with national trends. However, given the high median price, most San Mateo home purchases require jumbo loans, which may carry slightly different rates. These depend on market conditions and your credit score.
What is the cost of living in San Mateo, CA?
San Mateo’s cost of living is approximately 150% higher than the national average, and 66.8% higher than the cost of living in California. Housing costs drive much of this difference, with prices approximately 300% above the US median. Other necessities such as groceries, transportation, and healthcare also exceed national averages.
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