San Mateo Housing Market Update December 2023 vs December 2022

Here is the latest insight on San Mateo County. 📊🏠
In December 2023, we saw a 31% drop in new single-family home listings compared to the previous year, with inventory down 29%. Despite this, home sales went up by 4%. Interest rates are playing a role, impacting supply and causing a shift in the market.
Here's the lowdown: Average sale prices rose by 14%, reaching $2.27 million, and median prices increased by 7%. Surprisingly, San Mateo County's single-family homes are pricier than San Francisco's. Even with rising interest rates, prices are up 3% per square foot.
Condos and townhomes in the county remain stable, with a slight decrease in listings (8%) but an 8% increase in sales. Prices are holding steady, with minimal changes year over year.
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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.