San Mateo County - Weekly Market Report: FEB 28 - MAR 5, 2024

Check out this FEB 28 - MAR 5, 2024 Get the best insights on when to place a plan for your new home with this weekly market guide in San Mateo Country.

📍 Belmont 📍 Burlingame 📍 Foster City 📍 Hillsborough
📍 Millbrae 📍 Palo Alto 📍 San Carlos 📍 San Mateo

Starting with Belmont, the market appears tight with only 15 active listings and a relatively low volume of new listings. The quick median days on the market indicate a high demand for properties, with homes selling rapidly at a median price of $1,865,000. This suggests a competitive market likely driven by Belmont's desirable living conditions and proximity to Silicon Valley.

Burlingame shows a similar trend of low inventory with only 11 active listings but a healthier flow of new listings. The median sold price is slightly higher than Belmont at $2,063,000, reflecting Burlingame's premium on real estate due to its prime location and quality of life. The market here is also competitive, with properties moving relatively quickly.

In Foster City, with 16 active listings and a significant jump in new listings, the market is slightly more active. The median sold price is lower at $1,488,000, which could indicate more affordable housing options or a different buyer demographic. The slightly longer days on the market suggest a more balanced market compared to Belmont and Burlingame.

Hillsborough presents a unique market with the highest median sold price at $3,950,144 and the longest median days on the market. With 21 active listings, the market here is less active but caters to a luxury segment, likely contributing to the higher median prices and slower sales pace.

Millbrae has the lowest number of active listings, suggesting a very tight market. However, the flow of new listings is healthy relative to its size. The median sold price is above $2 million, indicative of a high-demand area with properties selling fairly quickly.

Palo Alto stands out with the highest number of active listings, reflecting a larger and more dynamic market. Despite this, the median sold price is high, and properties sell relatively quickly, underscoring Palo Alto's attractiveness as a top-tier living destination in Silicon Valley.

San Carlos presents a balanced market with a good mix of active and new listings. The median sold price is significantly high, and properties sell at a pace similar to other highly sought-after areas. This reflects steady demand and a robust real estate market.

San Mateo, with the highest number of active and new listings, suggests a very active market. The median sold price is the lowest among the cities analyzed, which could attract a wider range of buyers. The longer median days on the market indicate a more balanced dynamic between buyers and sellers.

Overall Analysis:

The real estate markets across these cities show varying degrees of activity, median prices, and selling pace, reflecting the diverse appeal and characteristics of each location. Despite no price changes reported, the consistently high median sold prices across the board indicate a strong market overall. The variation in median days on the market suggests differences in demand dynamics, with some cities experiencing quicker sales than others. This analysis highlights the competitive nature of the real estate market in this region, driven by the desirability of living near Silicon Valley, the quality of life offered by these cities, and the varying levels of affordability and luxury available to potential buyers.

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