San Mateo County

Report Highlights 
❑ The median house sales price in Q2 2024 rose 11% from Q2 2023 to very slightly exceed the previous Q2 2022 peak price. The median condo sales price declined 2% year over year. 
❑ New-listing activity has been increasing from 2023, and the number of homes for sale on July 1, 2024 rose 18% year over year. Substantial increases in inventory will typically begin to cool the market and moderate home price appreciation if there is not a commensurate rise in sales activity. 
❑ Q2 home sales rose 11.5% year over year, while homes selling for $5 million+ jumped 29%, and $10 million+ sales soared 62%: Very affluent households have been playing an outsized role in the housing market since late 2023 (when financial markets began their rebound). 
❑ The average home sale sold 5% over list price in Q2 2024, the highest overbid % since the pandemic boom, and average days on market were the lowest since then. 
❑ The number of price reductions has been climbing year over year, an indication of some sellers having to readjust their expectations regarding what buyers are willing to pay. 

As of early July, mortgage rates continue to hover around 7%, though hopes remain for at least one reduction in the Fed's benchmark rate in 2024. Stock markets have sustained their extraordinary rise. The homeowner's insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. And the latest Census estimates revealed the Bay Area is growing older, with fewer children and a rising number of residents aged 65+.