by Amar REALTOR® | March 8, 2024 7:47 am

Bay Area Housing Market Update: 2023 Recap & 2024 Trends for Savvy Homeowners and Buyers!

As your trusted Bay Area Real Estate expert, I wanted to share some key insights on the local market as we head into 2024.

This Blog will cover what transpired in 2023 and what trends and predictions we can expect in 2024.

Bay Area Yearly/Monthly Housing Market Trend in San Mateo County, CA

The summary encapsulates the dynamic shifts within San Mateo County’s Housing Market, highlighting the variations in home values across different housing types and periods. For an in-depth analysis of San Mateo County’s Housing Market trends, refer to the dynamic values presented in Data Graphs 1.1, 1.2, and 1.3

Graph 1.1

Year-over-Year (YoY) Housing Market Trends Changes for Bay Area San Mateo County, CA

Single Family Homes Average home prices increased by 19% in February 2023 compared to February 2022.
Condos/Townhomes Average home prices increased by 13% in March 2023 compared to March 2022.

Month-over-Month (MoM) Housing Market Trends Changes for Bay Area San Mateo County, CA

Single Family Homes Average home prices increased by 34% 0n February 2023 compared to January 2023.
Condos/Townhomes Average home prices increased by 11% 0n March 2023 compared to February 2023.

Graph 1.2

Average Prices

Average Price: January 2024 vs January 2023(YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of January 2024 compared to January 2023.

Single Family Homes Average home price increased to $422,647 and 19% appreciation year-over-year.
Condos/Townhomes Average home price decreased to -$31,227 and -3% Depreciation Year-over-Year.

Average Price: December 2023 vs December 2022 (YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of December 2023 compared to December 2022.

Single Family Homes Average home price increased to $259,634 and 13% Appreciation Year-over-Year.
Condos/Townhomes Average home price decreased to -$20,902 and 2% Depreciation Year-over-Year.

Graph 1.3

Average/Sqft

Average/Sqft: January 2024 vs January 2023(YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of January 2024 compared to January 2023.

Single Family Homes Average/Sqft increased to $104 and 10% Appreciation Year-over-Year.
Townhome/Condos Average/Sqft decreased to -$51 and -6% Depreciation Year-over-Year.

Average/Sqft: December 2023 vs December 2022 (YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of December 2023 compared to December 2022.

Single Family Homes Average/Sqft increased to $17 and 2% Appreciation Year-over-Year.
Condos/Townhomes Average/Sqft increased to $41 and 5% Appreciation Year-over-Year.

Bay Area Quarterly Housing Market Trend in San Mateo County, CA

In the fourth quarter of 2023, average home prices for single-family homes saw a significant increase of 5% compared to the same quarter in 2022. Likewise, the average home prices for Townhomes and Condos experienced a 2% increase in Q1 2023 when compared to Q1 2022.

Discover detailed insights into the Average Price and Average/Sqft of the San Mateo County Quarterly Housing Market by examining the Data Graphs 1.1, 1.2, and 1.3.

Average Prices

Average Price: Q4 2023 vs Q4 2022 (Quarterly YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of Q4 2023 compared to Q4 2022.

Single Family Homes Average home price increased to $102,792 and 5% Appreciation Year-over-Year.
Condos/Townhomes Average home price increased to $3,236 and 0.3% Appreciation Year-over-Year.

Graph 1.4

Average/Sqft

In Graphs 1.4 above, click on Average/Sqft to Discover detailed insights on the Quarterly of the San Mateo County Housing Market by examining the data in Graphs 1.4

Average $/ Sq f t$ : Q4 2023 vs Q4 2022 (Quarterly YoY)

San Mateo County’s Housing Market Trends Year-over-Year % Change of Q4 2023 compared to Q4 2022.

Single Family Homes Average /Sqft increased to $16 and 1% Appreciation Year-over-Year.
Condos/Townhomes Average /Sqft increased to $2 and 0.3% Appreciation Year-over-Year.

Inventory

2023 Inventory levels remained tight, though they saw a slight increase compared to 2022. This means competition remained strong, especially for desirable properties.

Click on the arrow on the right corner to discover detailed insights on the yearly, monthly, and quarterly trends of the San Mateo County Housing Market by examining the data in Graphs 2.1
Explore detailed insights and dynamic data trends for DAYS OF INVENTORY, DAYS ON MARKET, HOMES SOLD, MEDIAN PRICE, PRICE CUTS, PRICE RATIO, PRICES AND SALES in Graphs 2.1

Graph 2.1

2024 Bay Area Housing Market Forecast

The key factors that could influence the 2024 market are Prices, Interest Rates, and Inventory. Major economic or geopolitical events could significantly alter the market landscape.

Prices

General Trend: Most experts predict prices to increase moderate growth in 2024, compared to 2023.

Inventory

Predicted Change: Most analysts expect inventory to increase in 2024, potentially exceeding pre-pandemic levels. This is due to several factors, including decreasing mortgage rates, prompting some homeowners to sell.

Mortgage Rates

Projected Trends: Experts predict gradual decreases in Mortgage Rates in 2024. Interest rates climbed significantly in 2023, reaching a peak of 8.45% on 17 October 2023. However, interest rates have started coming down.

Graph 3.1

Graph 3.2

What does this mean for you?

2024 Plans

Unsure how your Real Estate goals fit the Current Market? I’ll help you create a strategic plan for success.

Homeowners: If you’re considering selling, understanding the current market conditions and potential trends can help you make informed decisions about timing and pricing.
Potential Buyers: While affordability remains challenging, rising inventory may create more opportunities in 2024.

I’m here to answer your questions

Buying: Looking for your dream home, considering an investment property, or unsure where to start? I’ll guide you through the process, share market insights, and help you find the perfect fit.
Selling: Thinking of putting your home on the market? I’ll provide a comparative market analysis, discuss pricing strategies, and help you achieve your selling goals.
Market Trends: Are you curious about the local market, interest rates, or trends? I’ll share my expertise and give you the inside scoop.

I’m flexible and meet you where you’re comfortable

Office: Conveniently located and equipped for productive discussions.
Phone: Let’s talk on the go!
Zoom: Connect virtually wherever you are.

Schedule your consultation

Ready to make 2024 your Real Estate year? Let’s Connect!

📅 So now, what’s the delay? The perfect moment is this. Hit the link given below to book your discovery call with me. Let’s spark plug the transformation engine and begin weaving your triumphant tale in the Real Estate world.

🔗 Schedule Your No Obligation Discovery Call Now

Together, let’s make your next move your best move. ✨ Let’s embark on this informative journey together.

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