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South Bay Peninsula March '24 Real Estate Update Ascend RE

Ascend RE March 14, 2024

South Bay

South Bay Peninsula March '24 Real Estate Update Ascend RE

South Bay and Peninsula County Market Update

As of February 2024, the housing markets in San Mateo and Santa Clara counties demonstrated several key trends:

1. Price Stability with Modest Appreciation: Overall, housing prices in both San Mateo and Santa Clara counties remained relatively stable compared to previous months, with modest appreciation seen in certain neighborhoods and property types. While there were fluctuations, the market as a whole showed resilience and maintained its value.

2. Limited Inventory: Inventory levels remained tight in both counties, with a shortage of available homes for sale. This scarcity of inventory continued to drive up prices and create competitive bidding environments, making it challenging for prospective buyers to find suitable properties.

3. Strong Demand: Demand for housing remained robust in San Mateo and Santa Clara counties, fueled by factors such as strong job markets, tech industry growth, desirable locations, and excellent schools. This sustained demand led to quick sales and multiple offers on many properties, particularly in sought-after neighborhoods.

4. Affordability Challenges: Affordability remained a significant concern for many residents, especially first-time buyers and middle-income earners. High housing costs relative to income levels continued to present barriers to homeownership and rental affordability, prompting some individuals to explore alternative housing options or areas.

5. Tech Industry Influence: The tech industry's presence continued to influence the housing markets in both counties, with high-income earners from tech companies driving demand for luxury homes and upscale amenities. Areas close to major tech campuses and employment centers remained particularly popular among tech professionals.

6. Suburban vs. Urban Dynamics: Suburban areas in San Mateo and Santa Clara counties continued to attract interest from buyers seeking more space, quieter neighborhoods, and better affordability compared to urban centers. However, urban areas with access to amenities, public transportation, and cultural attractions remained desirable for certain demographics, contributing to diverse housing dynamics across different neighborhoods.

7. Rental Market: The rental market in both counties experienced varied trends, with some areas seeing stable rents while others experienced slight fluctuations. Factors such as employment trends, remote work preferences, and lifestyle shifts influenced rental demand and pricing dynamics.

8. Investor Activity: Real estate investors remained active in both San Mateo and Santa Clara counties, targeting properties with potential for appreciation and rental income. However, investors approached the market with caution amid economic uncertainties and regulatory changes, conducting thorough assessments of investment opportunities.

Overall, the housing markets in San Mateo and Santa Clara counties in February 2024 demonstrated resilience and attractiveness to buyers and investors, despite challenges such as limited inventory and affordability concerns. Strong demand, desirable locations, and the influence of the tech industry continued to shape the markets' dynamics.

 

Median Home Sale Price - Santa Clara County

 

Median Days on Market - Santa Clara County

Median Home Sale Price - San Mateo County

Median Days on Market - San Mateo County

 

 


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