Leave a Message

Thank you for your message. We will be in touch with you shortly.

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

 

 


Recent Blog Posts

Browse our blog posts to be in the know.

Bay Area Bliss

Unveiling the Best Amenities Near San Francisco

San Francisco November '24 Real Estate Update Ascend RE

East Bay November '24 Real Estate Update Ascend RE

South Bay Peninsula November '24 Real Estate Update Ascend RE

North Bay November '24 Real Estate Update Ascend RE

2024 Bay Area Holiday Schedule

Top Grocery Stores & Markets Near San Francisco

Your Guide to Fresh Finds and Specialty Foods in the Bay Area

North Bay October '24 Real Estate Update Ascend RE

South Bay Peninsula October '24 Real Estate Update Ascend RE

East Bay October '24 Real Estate Update Ascend RE

San Francisco October '24 Real Estate Update Ascend RE

Shaping the Future

A Creative Guide to the Top Schools Near San Francisco

14 Terrifying Bay Area Haunted Houses For The Bravest Among Us

From Ramen to Rice Paper

Discover the Best Asian Markets Near San Francisco

A Guide to the Best Mexican Eats

Top Taquerias Near San Francisco

San Francisco September '24 Real Estate Update Ascend RE

East Bay September '24 Real Estate Update Ascend RE

South Bay Peninsula September '24 Real Estate Update Ascend RE

North Bay September '24 Real Estate Update Ascend RE

Explore the Bay Area's Natural Beauty

Best Hiking Trails Near San Francisco

A Tail-Wagging Adventure

Top Dog Parks Near San Francisco

A Food Lover's Paradise

Top 10 Must-Try Restaurants Near San Francisco

Los Angeles August '24 Real Estate Update Ascend RE

San Francisco August '24 Real Estate Update Ascend RE

East Bay August '24 Real Estate Update Ascend RE

South Bay Peninsula August '24 Real Estate Update Ascend RE

North Bay August '24 Real Estate Update Ascend RE

North Bay July '24 Real Estate Update Ascend RE

San Francisco July '24 Real Estate Update Ascend RE

South Bay Peninsula July '24 Real Estate Update Ascend RE

East Bay July '24 Real Estate Update Ascend RE

Los Angeles July '24 Real Estate Update Ascend RE

Los Angeles June '24 Real Estate Update Ascend RE

San Francisco June '24 Real Estate Update Ascend RE

East Bay June '24 Real Estate Update Ascend RE

South Bay Peninsula June '24 Real Estate Update Ascend RE

North Bay June '24 Real Estate Update Ascend RE

San Francisco May '24 Real Estate Update Ascend RE

Los Angeles May '24 Real Estate Update Ascend RE

East Bay May '24 Real Estate Update Ascend RE

South Bay Peninsula May '24 Real Estate Update Ascend RE

North Bay May '24 Real Estate Update Ascend RE

Upholding Equality: The Significance of the Fair Housing Act

Bay Area: Spring and Summer Gardening Guide

North Bay April '24 Real Estate Update Ascend RE

South Bay Peninsula April '24 Real Estate Update Ascend RE

East Bay April '24 Real Estate Update Ascend RE

Los Angeles April '24 Real Estate Update Ascend RE

San Francisco April '24 Real Estate Update Ascend RE

South Bay Peninsula March '24 Real Estate Update Ascend RE

East Bay March '24 Real Estate Update Ascend RE

San Francisco March '24 Real Estate Update Ascend RE

Los Angeles March '24 Real Estate Update Ascend RE

North Bay March '24 Real Estate Update Ascend RE

Spring 2024 Farmer's Market Schedule

San Francisco February '24 Real Estate Update Ascend RE

Los Angeles February '24 Real Estate Update Ascend RE

North Bay February '24 Real Estate Update Ascend RE

South Bay Peninsula February '24 Real Estate Update Ascend RE

East Bay February '24 Real Estate Update Ascend RE

San Francisco January '24 Real Estate Update Ascend RE

Los Angeles January '24 Real Estate Update Ascend RE

North Bay January '24 Real Estate Update Ascend RE

South Bay Peninsula January '24 Real Estate Update Ascend RE

East Bay January '24 Real Estate Update Ascend RE

San Francisco December '23 Real Estate Update Ascend RE

East Bay December '23 Real Estate Update Ascend RE

North Bay December '23 Real Estate Update Ascend RE

South Bay / Silicon Valley December '23 Real Estate Update Ascend RE

Los Angeles December '23 Real Estate Update Ascend RE

2023 HOLIDAY COOKIE DECORATING SOCIAL

South Bay / Silicon Valley November '23 Real Estate Update Ascend RE

Los Angeles November '23 Real Estate Update Ascend RE

East Bay November '23 Real Estate Update Ascend RE

North Bay November '23 Real Estate Update Ascend RE

San Francisco November '23 Real Estate Update Ascend RE

Analysis: Homes Near Trader Joe’s Have Higher Values

North Bay October '23 Real Estate Update Ascend RE

East Bay October '23 Real Estate Update Ascend RE

South Bay / Silicon Valley October '23 Real Estate Update Ascend RE

Los Angeles October '23 Real Estate Update Ascend RE

San Francisco October '23 Real Estate Update Ascend RE

Live Work Play Here

For the month of June, we have supported LGBT Asylum Project, and are hosting this brunch in honor of all the great work this nonprofit does. Come join our teams for a… Read more

Hiring Licensed Real Estate Agents

Take your real estate career to the next level!

North Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

East Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

Move by HUD and FHA to provide greater homeownership opportunities

Have questions about the market? Our team is here to help and connect you to a lender.

Mortgage Rates Drop Prompts Buyer Demand

Mortgage Applications jump due to lowest rates since September

San Francisco Owners Required to Register Homes

March 1 Deadline for Rent Board Housing Inventory

Tenant Buyouts

What does it entail, and what does it mean for the residence owner going forward?  

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Los Angeles September '23 Real Estate Update Ascend RE

North Bay September '23 Real Estate Update Ascend RE

East Bay September '23 Real Estate Update Ascend RE

South Bay / Peninsula September '23 Real Estate Update Ascend RE

San Francisco September '23 Real Estate Update Ascend RE

The 12 most delicious new restaurants in the Bay Area

Summer is here, and so are the boozy slushies, all-you-can-eat tacos and double cheeseburgers

East Bay August '23 Real Estate Update Ascend RE

Let’s Talk

You’ve got questions and we can’t wait to answer them.