San Mateo County Real Estate Market Update – October 2022
Rumana Jabeen • October 19, 2022
In San Mateo County, the median sold price for single-family homes in September decreased month-over-month to $1.7 million. The number of homes sold decreased to 359, and the number of new listings decreased to 471. The number of condo and townhouse sales decreased to $910 thousand with 92 units sold and 158 new listings.
Buyers are also still being aggressive with their offer prices, with the median offer price continuing to be about 100%. Only about 6% of all homes for sale were actually completed, due to supply constraints adding to the scarcity of home supply. Meanwhile, the demand for homes continues to rise, leading to the rise in sales prices, and creating an imbalance between supply and demand.
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Many potential buyers are holding off on purchasing a home, anticipating that mortgage rates will drop even further. The common belief is that lower rates will make homes more affordable and provide better financing terms. This wait-and-see approach is based on the hope that a lower rate will save money over the life of the loan and make homeownership more attainable.
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If you received our postcard, you may have noticed that the arrows indicating year-over-year changes from 2023 were accidentally omitted during the printing process. We regret any inconvenience this may have caused. Please refer to the versions below for year-over-year comparisons. For a deeper dive into our mid-year market update, explore the expanded report below.
