Important Updates in San Mateo's Real Estate May 2024

📊 San Mateo County Real Estate Market Update: May 2024 📊
In May 2024, San Mateo County saw a significant increase in the real estate market compared to May 2023.
🏡For single-family homes, new listings rose by 23%, with 525 new homes on the market.
The inventory grew by 14%, totaling 478 listings.
Sold listings increased by 9%, and homes were selling faster, with the average days on market dropping from 19 to 15 days.
Prices surged dramatically: the average sales price jumped 21% to $2.783 million, and the median sales price also rose 21% to $2.3 million.
Homes were selling for 8% over the asking price, reflecting the high demand.
🏢Condos and townhomes showed a different trend.
New listings increased by 32% to 173, and inventory rose by 50% to 233.
However, the market remained stable, with sold listings up by 9% and days on market unchanged at 24.
Prices saw minimal changes, with the average sales price at $1.079 million and the median at $930,000, a modest 2% increase.
The competitive edge was less intense, with condos and townhomes selling for just 1% over list price.
🏡 Curious about the latest trends in San Mateo County? Follow for more updates and insights on the San Francisco Bay Area real estate market! 📈
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RISE Homes is a leading San Francisco Bay Area real estate team. We specialize in residential real estate sales in all six of the SF Bay Area counties; San Francisco, San Mateo, Santa Clara, Alameda, Contra Costa, and Marin. We have agents and operations staff who specialize and are very familiar (most of us are SF Bay Area natives) with their respective geographic territory. Our primary focus is on helping our clients navigate the highly competitive San Francisco real estate market, and in the process, conducting ourselves with integrity and transparency while always focusing on continuous improvement.
Joe Polyak is the Founder of RISE Homes. Joe was born and raised in San Francisco, and currently lives in San Mateo, CA with his wife Valerie, daughter Autumn, their two dogs, Bonnie the pitbull-mutt and Daisy the pug, and their turtle, Donatello. Joe has been in real estate since 2010, and is a top 1% agent in the San Francisco Bay Area, with over $80,000,000 per year in sales volume. Joe built his business by specializing in probate/trust sales and working with and educating first time home buyers.

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