Santa Clara and San Mateo counties continue to set the tone for the Bay Area’s dynamic real estate market. With competitive pricing, limited inventory, and stabilized mortgage rates, understanding the trends is crucial for buyers and sellers alike. Here are the 12 key numbers and graphs to guide your decisions.
Key Insights for November 2024
1. Median Home Prices – Houses
San Mateo leads with a median home price of $1.98M, followed closely by Santa Clara at $1.9M, reflecting the premium value of homes in these regions.
2. Median Condo Prices
For those seeking a more affordable entry into the market, median condo prices are $1.14M in San Mateo and $1.05M in Santa Clara.
3. Price Per Square Foot Trends
The cost of space continues to climb:
San Mateo: $1,164/sq. Ft.
Santa Clara: $1,119/sq. Ft.
4. Interest Rate Trends
Mortgage rates have stabilized at 6.79% as of November after peaking at 7.8%. This improvement provides buyers with slightly more favorable conditions.
5. Average Household Income by County
These figures highlight the region's strong economic foundation, driven by tech industries and high-paying jobs.
6. Overbidding Activity
San Mateo sees 59% of homes selling above list price, while Santa Clara records 55%, signaling fierce competition among buyers.
7. Inventory Levels
Both counties face critically low inventory, with San Mateo at 1.3 months of supply and Santa Clara at 1.5 months.
8. Days on Market
Homes sell quickly in both counties, averaging just 22 days on the market in October 2024.
9. Price Reductions
Seasonal trends have led to increased price reductions, offering opportunities for buyers seeking value.
10. Luxury Market Performance
The high-end market ($3M+ homes) remains strong, reflecting consistent demand for premium properties.
11. Active Listings Trends
Active listings have remained consistent year-over-year despite the broader supply shortage.
12. Appreciation Rates
Year-over-year appreciation continues across both counties, with sustained growth in property values.
Conclusion
Santa Clara and San Mateo counties continue to lead the Bay Area real estate market with strong demand and limited supply. Whether you’re buying, selling, or simply staying informed, these numbers provide valuable insights into the market’s current state.
For personalized advice or to discuss your real estate goals, feel free to reach out. Let’s make your real estate journey a success!
