Overview of the Real Estate Market in San Mateo
A gem of the San Francisco Bay Area, San Mateo is a vibrant city consisting of 29 neighborhoods. Homes for sale on the San Mateo real estate market are priced from $95,000 to $6 million.
The median listing home price in San Mateo Park is $3.6 million, making it the most expensive neighborhood. Downtown San Mateo is the most affordable neighborhood, with a median listing home price of $499,000.
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Residential Real Estate Overview
The San Mateo County real estate market is very competitive. On average, homes receive 6 offers and sell in around 12 days.
As of February 2024, the median sale price of a home in San Mateo was $1.5 million, up 14.3% since last year. The median sale price per square foot in San Mateo is $995, an 8.9% increase from last year.
Popular Neighborhoods for Home Buyers
Some of the most coveted neighborhoods in San Mateo are Downtown San Mateo, Baywood Park, and Hayward Park.
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Downtown San Mateo
The neighborhood of Downtown San Mateo is a blend of commercial, residential, and green space.
The west side of the neighborhood is mostly commercial and is home to the neighborhood’s shopping district, while the east side is primarily residential with a calm suburban feel. The streets are lined with detached, single-family homes.
Home architectural styles vary, from classic California bungalows and ranches to Craftsman and Tudor.
Credit: Image by Roger Starnes Sr | Unsplash
Baywood Park
Baywood Park is a quiet, suburban neighborhood located only three miles from downtown San Mateo and has convenient access to Highways 92 and 280.
This community has a diverse housing inventory that includes townhouses and single-family homes that range anywhere from 1,500 to 3,000 square feet in size.
Some homes feature post-war California rancher style with four or five bedrooms and are situated on large lots between 7,000 and 9,000 square feet.
Credit: Image by Roger Starnes Sr | Unsplash
Hayward Park
Hayward Park is a historic neighborhood located within an easy walk to San Mateo’s vibrant downtown and the nearby San Mateo Caltrain station.
Charming vintage homes built during the first three decades of the 20th century adorn this lovely neighborhood, featuring various architectural styles such as Craftsman, Tudor, Mediterranean, and English cottages.
This pedestrian-friendly community is home to Central Park – a beautiful green space with a Japanese tea garden, playgrounds, and sports facilities.
Trends in Home Prices and Sales
As of March 2024, the median listing home price in San Mateo, CA, was $1.2 million, trending down by 4.6% year-over-year. The median listing home price per square foot was $905. The median home sold price was $1.7 million.
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Buyer's Guide for San Mateo Real Estate in 2024
Buying a home in San Mateo, CA, is a significant financial investment that requires careful planning and research so you can make the right decisions and avoid regrets.
Here are a few steps to take when buying a home in San Mateo, CA.
7 Steps to Buying a Property in San Mateo
#1: Choose an Experienced Realtor
When buying a home, having an experienced realtor to represent you is vital to achieving your goals.
Discuss with your real estate agent what you’re looking for in a home and what matters to you the most so that you are properly represented during the process. Your agent is key to finding your dream home and connecting you with the right lenders and affiliated service providers throughout the entire process.
#2: Choose the Neighborhood
Choosing your neighborhood is another critical step to consider before buying a home.
List down amenities and establishments that may be important to you, such as your workplace, schools, hospitals, gyms, shops, and restaurants, to help you narrow down the communities that would provide access to these.
#3: Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage increases your chances of buying your dream home in a highly competitive real estate market. Visit multiple mortgage lenders and compare their approximated loan origination fee, overall customer service, and interest rates.
#4: Start Your Home Search
As you work with an agent to help you find the perfect home, you’ll be provided with a list of properties for sale in San Mateo and those that will soon become available on the market.
From the list, select homes with features that suit your lifestyle. It is advisable to tour the properties with your realtor. By viewing the homes, you’ll be able to narrow down your list further.
#5: Make an Offer
Establish a price range and decide on the terms of the offer you are about to make. The conditions should include the timeline for your close of escrow and loan, inspection, and appraisal contingencies.
Once these have been established, sign the purchase agreement that lists all the terms and prices and send this to your agent, who will give it to the seller’s agent.
#6: Review Reports and Disclosures
A disclosure package is a review that properties’ sellers and their agents give to potential homebuyers. It provides the buyers an insight into the home they would like to buy.
A disclosure package consists of the home inspection report, pest inspection report, Homeowners Association documents, seller disclosures and questionnaires, and a preliminary title report.
It is important for you to review the disclosure of the house you are interested in to make sure that you fully understand the condition of the property.
#7: Negotiate With the Seller
Before coming to an agreement, negotiate with the seller on the terms, price, and other details involved in the contract. Your realtor can negotiate on your behalf to ensure that the conditions are favorable, and you can settle on the best possible deal.
Conclusion
San Mateo neighborhoods offer some of the best homes in the San Francisco Bay Area, and owning a property in this area is a smart investment decision.
If you’d like to know more about the real estate market of San Mateo, CA, please feel free to contact us at (650) 629-9898 or teamtapper@gmail.com.
Frequently Asked Questions
What are the most promising neighborhoods for first-time buyers in San Mateo in 2024?
Some of the best neighborhoods in San Mateo, CA, include Downtown San Mateo, Baywood Park, and Hayward Park.
Is San Mateo, CA, a buyer’s or seller’s market?
San Mateo is a seller’s market, which means home prices are high and homes sell faster. On average, homes sell in around 12 days, with homes priced between $95,000 and $6 million.
