San Mateo County's housing market remained firmly in seller territory throughout October 2024. The combination of limited inventory, strong employment fundamentals in the tech corridor, and persistent buyer demand from both local upgraders and relocating professionals kept prices elevated and competition intense. Here is the data behind the headlines.
Prices Reach New Highs
The median single-family home price in San Mateo County hit approximately $2.05 million in October, a 7.1 percent increase over October 2023. This marks one of the strongest year-over-year gains the county has seen since the post-pandemic surge. Hillsborough continued to lead the county at a median above $4.5 million, while Burlingame and San Carlos both saw medians near $2.3 million.
Even the more accessible markets showed significant appreciation. Daly City's median reached $1.18 million, up 8 percent year-over-year, and South San Francisco crossed the $1.3 million mark for the first time.
Inventory: Still the Bottleneck
Active single-family listings across San Mateo County totaled roughly 680 in October, translating to approximately 1.4 months of supply. This figure has barely moved in over a year, and it remains the primary driver of competitive pricing dynamics. For context, a balanced market requires 4 to 6 months of inventory.
The condo and townhouse segment fared slightly better for buyers, with about 2.1 months of supply. Buyers looking in Foster City, San Mateo, and Redwood Shores may find slightly more negotiating room in the attached-home category.
Speed of Sales Accelerates
Median days on market for sold properties dropped to 11 days in October, down from 14 days in September. Properties in Menlo Park, Burlingame, and San Carlos that were priced at or slightly below market value routinely went under contract within one week, many with multiple competing offers.
The fastest-moving segment was the $1.5 million to $2.5 million range, which captures the sweet spot for dual-income tech households. Homes in this bracket averaged just 9 days on market.
Over-Asking Sales Remain the Norm
The county-wide sale-to-list price ratio averaged 105.8 percent in October. In Burlingame's Broadway and Easton neighborhoods, the ratio reached as high as 110 percent for updated homes on desirable blocks. Strategic pricing — listing below true market value to generate competition — continued to be the most effective approach for maximizing final sale price.
Neighborhood Highlights
- Hillsborough: Median $4.58M. Larger estates taking longer to sell (28 days average), but well-priced properties under $4M moved quickly.
- San Carlos: Median $2.28M. One of the county's most competitive markets with 7-day average DOM and 108% sale-to-list ratio.
- Redwood City: Median $1.82M. Strong appreciation in the Emerald Hills and Farm Hill neighborhoods, with new construction adding modest supply.
- Half Moon Bay: Median $1.75M. Coastal premium holding firm, driven by remote workers seeking lifestyle properties.
Looking Ahead
As we move into the holiday season, listing activity typically declines. However, buyer demand in San Mateo County does not follow the national pattern — serious buyers continue searching through December and January, particularly those on corporate relocation timelines or with equity from recent stock vestings.
For sellers, this means a well-prepared listing in November or December faces less competition from other sellers while still attracting motivated buyers. For buyers, the reduced competition of the holiday season may offer a rare window to negotiate without facing five competing offers.
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