San Mateo County's November 2024 market data confirms what anyone actively shopping on the Peninsula already knows: this remains a supply-constrained market where well-prepared properties command strong prices and serious buyers must be ready to compete. Here is the detailed picture.
Price Performance
The median sale price for single-family homes reached approximately $1.80 million in November, up about 8 percent from November 2023. This marks the eleventh consecutive month of year-over-year appreciation, a streak that reflects the structural imbalance between housing demand and available supply on the Peninsula.
Burlingame and Hillsborough led the county's price performance, with Burlingame's median exceeding $2.4 million and Hillsborough transactions routinely closing above $4 million. San Carlos and Belmont continued to attract strong interest from families seeking walkable downtowns and excellent school districts, with medians in the $2.0 to $2.3 million range.
Inventory and Absorption
Active single-family inventory at month-end was approximately 320 listings, translating to 1.5 months of supply. This is modestly higher than the 1.2 months recorded in November 2023, suggesting a slight easing without any meaningful shift in market dynamics. The county would need to more than triple its current inventory to approach a balanced market.
New listings in November totaled roughly 260, a seasonal decline from October but slightly above the prior year. Sellers who listed during November benefited from reduced competition from other listings, a strategic advantage that thoughtful sellers and their agents increasingly exploit.
Transaction Activity
Closed sales totaled approximately 280 transactions, up 6 percent from November 2023. Pending sales, a leading indicator for December closings, were up approximately 10 percent year-over-year, signaling continued momentum heading into the holiday season.
The average days on market was 21 days for sold properties. Homes priced correctly in the $1.5 million to $2.5 million band typically went pending within 10 to 14 days, with multiple offers being the norm rather than the exception. Properties above $3 million took moderately longer, averaging 30 to 35 days, reflecting the smaller buyer pool at higher price points.
Neighborhood Highlights
- Burlingame. Median up 11 percent year-over-year. Broadway and Ray Park neighborhoods remain among the county's most competitive micro-markets.
- San Carlos. Strong demand from families. Properties near White Oaks and Heather schools consistently attract the most interest.
- Redwood City. The most diverse market in the county, with prices ranging from approximately $1.2 million in some neighborhoods to over $3 million in Emerald Hills and the Farm Hill area.
- Half Moon Bay. Coastside properties continue to draw lifestyle buyers seeking a quieter pace. Inventory remains extremely limited.
What to Watch
As we close 2024, the key variables to monitor are mortgage rates, which have been volatile but trending slightly downward, and whether the seasonal inventory boost that typically begins in late January materializes earlier or later than usual. Both factors will shape the competitive landscape for the spring market.
If you are planning a purchase or sale in early 2025, now is the time to prepare. I am available to provide a detailed market analysis for your specific neighborhood.