San Mateo County - January 2026.pdf

Photo by Franco Folini, Creative CommonsLicense

San Mateo County Real Estate January 2026 Report

In 2025, Bay Area real estate markets started the year seeing strong buyer demand, but had the wind taken out of their sails by the political/economic uncertainty that soared in early spring. Then, in midlate summer, stock markets rebounded to hit new highs, and interest rates began a sustained decline, initiating a shift in the psychology of buyers and sellers that is still developing. Still, national consumer confidence readings showed a significant split between the outlooks of more and less affluent households, and that affected market segments in different ways. Generally speaking, more expensive markets, powered by rising demand from affluent buyers seeing substantial increases in household wealth from stock market gains, performed better than more affordable markets, which tended to be more impacted by concerns regarding inflation, affordability and employment. San Mateo County contains many of the most affluent cities in the country. Most of the analyses in this report focus on annual statistics, which summarize a year of rapidly changing economic conditions. Continuing to be fueled by the AI boom, San Mateo County remains one of the strongest markets in the Bay Area. Its median house sales price hit a new high in 2025, though, as in many counties, its median condo price declined. Overall, as measured by a range of standard indicators, the 2025 real estate market was not radically different from 2024. As 2026 begins, interest rates are near multi-year lows and stock markets are at or close to all-time peaks. Early in the new year, it is common for buyers, re-energized to move forward with major life decisions, to jump back into the market faster than sellers list their homes for sale. This disparity of increasing demand versus a low supply of new listings usually runs through the spring, typically making these months the most heated selling season of the year. Last year, this was upended by the tariff shock. Barring new, unexpected economic alarms, we expect this spring to be much stronger. This report includes an image link to our review of city and town home values and market dynamics.

Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate and may change with late-reported activity.

Mortgage Interest Rates in 2025 – 2026 YTD 30-YearConformingFixed-RateLoans,WeeklyAverageReadings* 7.0

Per Freddie Mac (FHLMC), on January 8, 2026, the weekly average, 30-year, conforming-loaninterest rate was 6.16%, very close to its 2-year low.

Percentage InterestRate

6.8

6.6

6.4

6.2 Jan. 2025

Rates vary widely according to the property, price, borrower and lender.

*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.

Jan-26

Dec-25

Dec-25

Nov-25

Nov-25

Oct-25

Oct-25

Sep-25

Sep-25

Aug-25

Aug-25

Jul-25

Jul-25

Jul-25

Jun-25

Jun-25

May-25

May-25

Apr-25

Apr-25

Mar-25

Mar-25

Feb-25

Feb-25

Jan-25

Jan-25

Jan-25

6.0

Financial Markets, 2025 – 2026 YTD Percentage Increases in S&P 500 & Nasdaq since 1/2/25

10/29/25 ▼

25%

Nasdaq Index: % Change since 01/25 20%

S&P 500 Index: % Change since 01/25 15% 10%

Updatedthrough 1/7/26 5%

-10%

Tariff shock ► -15% -20%

Large changes in stock markets can dramatically affect household wealth, consumer confidence and housing markets, especially more affluent markets.

-25% Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets can be prone to significant volatility even on a short-term basis.

01-Jan-26

01-Dec-25

01-Nov-25

01-Oct-25

01-Sep-25

01-Aug-25

01-Jul-25

01-Jun-25

01-May-25

01-Apr-25

01-Mar-25

01-Feb-25

-5%

01-Jan-25

0%

Economic Policy Uncertainty Index*

By Month since January 2000 April 2025

450

The Economic Policy Uncertainty Index reading in November 2025 ticked up slightly. It has plummeted since April’s tariff shock, though remains elevated by long-term norms.

400

Tariff shock ► Pandemic hits

The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*

350

300

250 Dec. 2025

Dotcom crash & 9/11

200

150 Subprime crash & great recession

100

2025

2025

2024

2023

2022

2021

2020

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html.

Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.

2019

Updated through December 2025

50

TheQ42025medianhousesales price rose about 4.3% year-over-year.

San Mateo County House Price Trends Median House Sales Prices, 2015 – Present, by Quarter

$1,800,000

Median sales price is that price where half the homes soldfor more andhalffor less. It is a very general statistic that disguises a wide range of prices in the underlying sales.

Q2 2021

Q2 2025

Q2 2023

$1,080,000 $1,146,500 $1,210,000

$2,000,000

Q2 2024

Q2 2022

Seasonal fluctuations are common, and it’s not unusual for median sales prices to peak for the calendar year in spring (Q2).

Q2 2021

0,500 1,950,000 0,000

$1,930,000 $2,050,500 $1,930,000

$2,000,000

$1,850,000 $1,902,000

$2,103,000

$1,911,000 $1,739,000

$1,817,500

$1,731,500

Sales reported to NorCal MLS Alliance. Median sales price can be affected by other factors besides changes in fair market value. All numbers are approximate and subject to revision.

Last quarter may change with late reported sales.

$1,900,000 $1,740,000

$800,000

$1,780,000 $2,103,000

$1,000,000

$1,980,000

$1,200,000

Appreciation is typically measured year over year to account for market seasonality.

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

$1,400,000

$1,085,000 $1,235,000 $1,210,000 $1,184,000 $1,175,000 $1,393,000 $1,308,000 $1,408,000 $1,480,000 $1,522,500 $1,500,000 $1,425,000 $1,410,000 $1,575,000 Q2 2015 $1,450,000 $1,450,000 Q3 2015 $1,525,000 Pandemic Q4 2015 hits$1,625,000 $1,664,944 Q1 2016 $1,565,000 $1,750,000

$1,600,000

San Mateo County Median House Price Median HOUSE Sales Prices by Year since 1998 2025 2022

The median house sales price in 2025 was up about 1.5% from 2024 to hit a new all-time annual high.

AI boom

$1,800,000 $1,600,000

2018

Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. The county contains cities, towns and neighborhoods of widely varying values.

$2,000,000

Pandemic boom

$1,400,000 $1,200,000 $1,000,000

2007

$800,000 Dotcom boom

Recovery & high-tech boom

*Per sales reported to NorCal MLS Alliance by early January 2026. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with latereported sales. Various sources of data may calculate median sales prices differently.

2025$1,982,000

2024$1,950,000

2023$1,800,000

2022$1,910,000

2021$1,885,000

2020$1,600,000

2019$1,485,000

2018$1,495,000

2017$1,350,000

2016$1,200,000

2015$1,150,000

2014$960,000

2013$850,000

$400,000 2012$685,000

2011$625,000

2010$670,000

2009$629,000

2008$739,500

2007$884,500

2006$835,000

2005$840,000

2004$732,000

2003$625,000

2002$600,000

2001$570,000

2000$570,000

1999$450,000

1998$395,000

Market crash & recession

$600,000

$200,000 $-

San Mateo County Year-over-Year Appreciation Rates since 1998 Y-o-Y Percentage Change in Annual Median HOUSE Sales Price* 30%

27%

24%

25% 20%

15% 13%

10%

5% 5%

-10%

8% 4%

4%

-7%

|-1%

2024

2023

2022

2021

2020

High-tech boom

2019

|

2018

2017

2016

2015

2014

-1%

2013

2012

2011

2010

2009

2008

2006

2005

2004

2003

2002

2001

2000

1999

Dotcom boom

1.5%

1%

-6%

Interest rates soar ▲

-15%

-15% -16% -20%

11%

0%

0% -5%

AI boom 8%

13%

Foreclosure crisis & great recession 10% 7% 6%

2025

14%

2007

15%

20%

Rebound from foreclosure prices ▼►

17%

Pandemic boom 18%

Annual appreciation rates often varied widely between submarkets within the county. How this chart applies to any particular property is unknown without a specific comparative market analysis. Annual data may disguise significant changes in price appreciation trends within the calendar year.

*Year-over-year median house sales price appreciation rates, per sales reported to NorCal MLS Alliance by early January 2026. Percentages usually rounded to nearest full percentage point. All numbers approximate, may contain errors and subject to revision.

San Mateo County: Median House $/Sq.Ft. Values Median House Values by Year since 2005*

2024

2022

Median values are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. Values vary widely across submarkets within the county. Since there are factors that can affect median price and median $/sq.ft. value differently, they don’t always move in the same direction.

$1,100 $1,000 Pandemic boom

$900 $800

$700 2005 - 2007

$600 $500

Recovery & high-tech boom

$400 $300

*Per NorCal MLS Alliance Infosparks calculations, for sales reported to MLS. Median value is that value at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

2025$1,146

2024$1,157

2023$1,083

2022$1,150

2021$1,108

2020$969

2019$924

2018$926

2017$833

2016$759

2015$711

2014$629

2013$557

2012$452

$200

2011$417

2010$453

2009$445

2008$505

2007$590

2006$599

2005$583

Market crash & recession

$100 $-

Annual Median House Sales Prices

Median sales price can be affected by factors besides changes in fair market value.

byBayAreaCounty+Sacramento,2012–2025* 2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 2,000,000

Due to specific market conditions and economic factors – such as the pandemic boom, interest rate changes, stock markets, the AI boom – appreciation rates between counties vary year-to-year, but over the longer term, county home prices throughout the region tend to move roughly in parallel.

1,750,000

1,500,000

Home values vary widely across submarkets within the county markets.

1,250,000

1,000,000

750,000

500,000

250,000

0

Sacto

Solano

Sonoma

Contra Monterey Costa

Napa

Alameda

Santa Cruz

Marin

San Francisco

*Sales reported to MLS, per the CA Association of Realtors, or NorCal MLS Alliance. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Different data sources sometimes calculate median house sales prices using varying methodologies.

Santa Clara

San Mateo

San Mateo County Median Condo Prices

The median condo sales price in 2025 was down about 4% from 2024.

AnnualMedianCondoSalesPricebyYearsince2005

2022 2018

Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value. Annual data can disguise significant changes that occur within the calendar year.

$800,000 Pandemic market

$700,000 $600,000

2007 $500,000 Subprime bubble

Recovery & high-tech boom

$400,000

$300,000

Per sales reported to NorCal MLS Alliance. Median sales price is that price at which half the sales occurred for more and half for less. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales.

2025$776,500

2024$810,000

2023$840,000

2022$860,000

2021$825,000

2020$815,000

2019$810,800

2018$830,000

2017$715,000

2016$660,000

2015$610,000

2014$535,000

2013$465,000

$200,000

2012$350,000

2011$305,000

2010$330,000

2009$359,000

2008$419,000

2007$508,500

2006$498,000

2005$490,500

Foreclosure crisis & recession

$100,000 $-

San Mateo County Home Prices

12 months sales through mid-December 2025

MedianHouseSalesPrices&HighSales,$10 Million+* Atherton Hillsborough

$8,888,888

High Price Sale: $45,500,000

$5,528,000

High Price Sale: $25,000,000

Portola Valley

$4,215,000

High Price Sale: $56,000,000

Woodside

$3,850,000

High Price Sale: $85,000,000

$3,300,000

High Price Sale: $10,500,000

$3,000,000

High Price Sale: $17,000,000

Menlo Park Burlingame San Carlos Belmont

$2,650,000

$2,427,500

Redwood Shores

$2,292,500

Redwood City

$2,229,000

Foster City

$2,200,000

Millbrae

$2,150,000

San Mateo (city)

$2,100,000

Half Moon Bay

$1,788,000

El Granada

$1,500,000

San Bruno

$1,405,000

Pacifica

$1,325,000

Brisbane

$1,280,000

South SF Daly City East Palo Alto

$1,270,000 $1,210,000 $1,087,500

Median sales price is that price where half the homes sold for more and half for less. It is a general statistic that typically disguises a very wide range of prices in the underlying sales. It can be affected by a variety of factors, including market conditions and location, as well as median house and lot sizes.

This chart pertains to HOUSE sales only. The median condo sales price in the county was $780,000 and for townhouses, $1,373,500.

Includes Moss Beach and Montara

Median house price in the Bay Area is approx. $1,300,000.

*12 months sales reported to NorCal MLS Alliance by mid- December 2025. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate. Not all sales are reported to MLS.

A map of san mateo county Description automatically generated

San Mateo County Homes Market

834 840 882

961

1,010 780 775 785 815812 860

715

377

1,054

980

834

712

623

598 577

600

400

200

Updated January 1, 2026

5 5 2/1/25 5 5

* Active/Coming-Soon listings posted to NorCal MLS Alliance. Data from sources deemed reliable butmaycontain errorsand subject torevision. Not alllistingsarepostedtoMLS.Allnumbers approximate. The number of active listings constantly changes.

7/1/25 8/1/25 9/1/25 10/1/25 11/1/25 12/1/25 1/1/26

2/1/24

4/1/23 5/1/23 /23 11/1/23 10/1/23 6/1/23 /24 7/1/23 8/1/23 9/1/23

12/1/22

4/1/22 5/1/22 /1/22 10/1/22 6/1/22 7/1/22 8/1/22 9/1/22

3/1/22 2/1/22

The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling.

1,000

800

3/1/24 4/1/24 5/1/24 6/1/24 7/1/24 8/1/24 9/1/24 10/1/24 11/1/24 12/1/24 1/1/25

386

500

793799

607 653 667 688 688 649 3/1/23 2/1/23 1/1/23

431

496512 548

430

693

863874

906893

As is the normal seasonal trend, the number of listings for sale on January 1st fell to its annual low count. Inventory will now start to rapidly increase as the market wakes up.

559

500

439

353

815

732

543 572

Active & Coming-Soon Listings on 1 stof Month

0

San Mateo County: Annual New-Listing Volume NumberofNewListingsComingonMarketbyYear,since2005* 14,000 12,90162 ,971 12,386 11,654

12,000

Subprime bubble

11,087

The number of new listings in 2025 rose almost 9% from 2024 but remained low by long-term norms.

10,121

10,016

10,000 8,545 8,695

Foreclosure crisis & great recession

8,282

7,916 7,733

7,424

7,997 8,146

7,762

8,000

7,281

6,833

6,540

Market recovery and high-tech boom

6,014 5,394

6,000

Interest rates soar

4,000

Pandemic market

2,000

*All attached and detached residential home listings posted to NorCal MLS Alliance per Infosparks calculations in early January 2026. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late-reported activity. Not all listings are posted to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0

Monthly Sales Volume by Month San Mateo County Market Dynamics & Seasonality

Sales in one month mostly reflect accepted offers in the previous month.

June 2021

The number of sales in December 2025 January rose 14% year over year. typically sees the lowest sales volume of the year due to the holiday slowdown in December and early January.

May 2022

600

500

January

January

700

Oct. 2025

April 2025

May 2024

June 2023

800

300

January

Pandemic boom

January

January

400

200

▲ Interest rate changes impact the market 100

Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Data from sources deemed reliable but may contain errors and subject to revision. Last month estimated based on available information and may change with late reported sales. All numbers approximate.

Nov-25

Sep-25

Jul-25

May-25

Mar-25

Jan-25

Nov-24

Sep-24

Jul-24

May-24

Mar-24

Jan-24

Nov-23

Sep-23

Jul-23

May-23

Mar-23

Jan-23

Nov-22

Sep-22

Jul-22

May-22

Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Updated through December 2025

0

San Mateo County Annual Sales Volume Number of Home Sales by Year, since 2005* Sales volume is affected by bothbuyerdemandandthe number of listingsavailabletopurchase,whicharedeeply impacted by positive and negativeeconomicconditions.

9469

An nua l S ales

8295 7708 7602

6292

6878 6676 6738

6624

9,000 8,000

7444

7,000 6361 6150 6218

5884

Subprime bubble

2025 sales volume rose about 5% from 2024 but remained very low by historical standards.

7328

6988 6503

10,000

6,000

5459 Market recovery and high-tech boom 4748

Pandemic market

Foreclosure crisis & great recession

4980

5,000

4309

4,000 Interest rates soar

3,000 2,000 1,000

*All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0

San Mateo County: Annual Sales - $5,000,000+ Number of Luxury Home Sales by Year, since 2005* 2021

Sales: $5 Million+

350

333

Sales: $10 Million+

Sales of higher-price homes are affected by buyer demand, the number of listings available to purchase, and appreciation trends – all of which are impacted by economic and demographic conditions.

As appreciation occurs over time, homes that would have sold for under $5 million, then sell for over that price threshold (and vice versa if prices fall).

294

300

275 259 237

2025 home sales of $5 million+ rose about 13.5% from 2024, outpacing the increase in the overall market.

250

AI boom

198

200

Pandemic market

138

146

150

114 111 113 89 63

60 57

66

52

50

40

30

*All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, with last year’s total estimated based on available data in early January and may change due to late-reported sales. Not all luxury home sales are reported to MLS.

2025

2024

2023

2022

2021

2020

0 2019

4

1

31

2018

2

2017

2

24

2016

3 2008

2007

4

2009

5 2006

2005

6

30

2015

22

70 Market recovery/high-tech boom 19 18 24 16 11

2013

32

2012

35

2011

37

2010

35

Great recession

2014

2006

44

100

San Mateo County Residential Market 2025 Home Sales by Price Segment* $5,000,000 - $7,499,999

3%

$7,500,000+

3%

4%

1.3% of sales were for $10 million+ 17%

$4,000,000 - $4,999,999

Under $1,000,000

9% $3,000,000 - $3,999,999

$2,000,000 – $2,999,999

70% of sales under $1,000,000 were condos.

$1,000,000 - $1,499,999

21%

26%

$1,500,000 - $1,999,999

17% *2025 sales reported to NorCal MLS Alliance by late December 2025. Not all sales are reported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change with late-reported sales. Percentages rounded and may not add up to 100%.

Sales by Property Type* 77.5% • House 16% • Condo • Townhouse 6.5%

Percentage of Listings Accepting Offers SanMateoCounty:AverageMonthlyAbsorptionRate by Year* Absorption rate is the comparison of buyer demand vs. the supply of homes for sale: The higher the percentage, the more heated and competitive the market. By this measure, the county market was slightly cooler year over year.

48% Peak of pandemic boom

40%

38% 35% 30%

34%

35% 33%

31%

20%

10%

| Interest rate changes impact the market

0%

2019

2020

2021

2022

2023

*Average of monthly readings within each year. MLS reported data for houses, condos and townhouses, per Broker Metrics. Last year may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

2024

2025

San Mateo County – Speed of Sale AverageDaysonMarket,AnnualReadingsby Year, since 2005* 120 This statistic is an indicator of the strength of buyer demand vs. the supply of homes for sale, measuring – for homes sold – the average time between a listing coming on market and offer acceptance.

107

71 62

100

seasonal The market variations typically in this metric, sees substantial which do not appear in this annual trend chart. On average, more expensive homes usually take longer to sell than more affordable homes.

70

80

62 60 51

Foreclosurecrisis & great recession

42

On average, houses sell much faster than condos, 28 days vs. 60 days.

31

30

29

28 23

Subprime bubble

30 24

30

30 24

22

30

33

40

24 20

Market recovery and high-tech boom

Pandemic market

*Average cumulative days on market: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0

San Mateo County – Overbidding Asking Price PercentageofSalesOverListPrice,AnnualReadings,since2005* 76%

On average, houses sell much faster than condos.

70%

In 2025, 61% of houses and 29% of condos sold for over list price.

75% 76% 70%

66% 68%

71% 70%

63%

60%

Subprime bubble

59% 54%

55%

60%

51%

50% 46%

80%

50%

Pandemic market

Market recovery and high-tech boom

40%

36% 32% 32%

30%

27%

26%

Foreclosure crisis & great recession

20%

Generally speaking, the stronger the demand as compared to the supply of homes for sale, the more buyers compete to win the sale by overbidding asking price. (This statistic can also be affected by strategic underpricing by sellers and listing agents). Expensive homes typically see less overbidding than more affordable homes.

10%

*Sales over final list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate and may change due to late- reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

0%

San Mateo County: Overbidding & Underbidding

In 2025, the average SP to LP percentage for houses was 3.5% over list price, and for condos, 3.5% under list price.

SalesPricetoListPricePercentage,AnnualReadings,since2005* 100% = an average sales price at original asking price; 105% = an average price 5% above asking; 95% = an average 5% below asking.

108% 107%

105%105%

104%

107%

107% 105%

105% 103%

102% 101%

99% 98%

▲ Over asking price 100% ▼ Under asking price

101% 100% AI boom

Pandemic market

Market recovery and high-tech boom

95% 95%

105%

104%

96% 95%

Interest rates soar

95%

Foreclosure crisis & great recession

90%

*The ratio of sales price to the original list price: All attached and detached residential home sales reported to NorCal MLS Alliance per Infosparks calculations. Data from sources deemed reliable but may contain errors and subject to revision. Percentages rounded, all numbers approximate, and may change due to late-reported sales. Not all sales are reported to MLS.

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

85%

Annual Number of Price Reductions SanMateoCountyMarketDynamics,byYearsince 2017* 2138

Interest rates rise

1918

1636

1996

1996

Interest rates soar

High economic volatility

2,000

1850 Pandemic hits

High-tech boom

1656 1496

1,500

AI boom begins

1174

1,000

Historiclowsin interest rates

500

The number of price reductions is affected by changes in economic conditions, the strength of buyer demand, seller expectations, and the number of active listings on the market.

0

2017

2018

2019

2020

2021

2022

*Per Realtor.com Research, listings posted to site. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.

2023

2024

2025

Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count* 4 Bedroom, 3 Bath Houses County

How these values apply to any particular home is unknown without a specific comparative market analysis.

5+ Bedroom, 4+ Bath Houses, 3000+ sq.ft.

In alphabeticalorder

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Median Sales Price

Alameda County

$1,626,500

2195 sq.ft.

$739/sq.ft.

$2,750,000

Contra Costa

$1,075,000

2338 sq.ft.

$478/sq.ft.

$2,650,000

Marin County

$1,905,000

2502 sq.ft.

$793/sq.ft.

$3,772,500

Monterey County

$1,092,500

2298 sq.ft.

$471/sq.ft.

$3,850,000

Napa County

$1,110,000

2307 sq.ft.

$511/sq.ft.

$4,000,000

San Francisco

$2,200,000

2276 sq.ft.

$974/sq.ft.

$5,500,000

San Mateo County

$2,622,500

2310 sq.ft.

$1103/sq.ft.

$6,050,000

Santa Clara County

$2,210,000

2204 sq.ft.

$1023/sq.ft.

$4,620,000

Santa Cruz County

$1,550,000

2182 sq.ft.

$677/sq.ft.

$2,275,000

Solano County

$700,500

2216 sq.ft.

$317/sq.ft.

$966,000

Sonoma County

$920,000

2268 sq.ft.

$423/sq.ft.

$2,055,000

Median Sq.Ft./ Median Lot Size 3869 sq.ft. .25 acre 3983 sq.ft. .37 acre 4145 sq.ft. .45 acre 5001 sq.ft.

1.6 acres 4456 sq.ft. .54 acre 4270 sq.ft. .07 acre 4545 sq.ft. .51 acre 3991 sq.ft. .31 acre 4122 sq.ft.

1.13 acres 3680 sq.ft. .21 acre 3964 sq.ft. .79 acre

*Sales reported toNorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Counties with low sales volumes, such as Napa, can see large fluctuations in values. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

Median Dollar per Square Foot $694/sq.ft. $642/sq.ft.

$939/sq.ft. $719/sq.ft. $941/sq.ft. $1232/sq.ft. $1375/sq.ft. $1158/sq.ft. $616/sq.ft. $279/sq.ft. $513/sq.ft.

Bay Area Median House Values by County 2025 Sales By Bedroom/Bath Count* 2 Bedroom, 1-2 Bath Houses County

Median value is that value at which half the sales occurred for more and half for less. It is a very general statistic.

3 Bedroom, 2 Bath Houses

In alphabeticalorder

Median Sales Price

Median Square Footage

MedianDollar per Square Foot

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Alameda County

$785,000

1067 sq.ft.

$735/sq.ft.

$1,125,000

1428 sq.ft.

$784/sq.ft.

$575,000

1019 sq.ft.

$561/sq.ft.

$725,000

1444 sq.ft.

$528/sq.ft.

$1,225,000

1226 sq.ft.

$976/sq.ft.

$1,370,000

1600 sq.ft.

$859/sq.ft.

$780,000

1016 sq.ft.

$763/sq.ft.

$825,000

1467 sq.ft.

$573/sq.ft.

$787,000

1060 sq.ft.

$775/sq.ft.

$820,000

1447 sq.ft.

$597/sq.ft.

$1,318,000

1188 sq.ft.

$1083/sq.ft.

$1,587,000

1575 sq.ft.

$1005/sq.ft.

$1,380,000

1080 sq.ft.

$1292/sq.ft.

$1,700,000

1510 sq.ft.

$1153/sq.ft.

$1,250,000

1058 sq.ft.

$1197/sq.ft.

$1,725,000

1383 sq.ft.

$1249/sq.ft.

$855,000

1039 sq.ft.

$792/sq.ft.

$1,255,000

1600 sq.ft.

$758/sq.ft.

$445,000

1216 sq.ft.

$350/sq.ft.

$549,000

1429 sq.ft.

$388/sq.ft.

$695,000

1203 sq.ft.

$577/sq.ft.

$799,000

1518 sq.ft.

$532/sq.ft.

Contra Costa Marin County Monterey County Napa County San Francisco San Mateo County Santa Clara County Santa Cruz County Solano County Sonoma County

*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. Numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

Bay Area Median Condo & Townhouse Values 2025 Sales By Property Type & Bedroom/Bath Count* 2 Bedroom, 2 Bath Condos

County

How these values apply to any particular home is unknown without a specific comparative market analysis.

3 Bedroom, 2-3 Bath Townhouses

In alphabeticalorder

Median Sales Price

Median Square Footage

Median Dollar per Square Foot

Median Sales Price

Median Square Footage

MedianDollar per Square Foot

Alameda County

$600,000

1078 sq.ft.

$558/sq.ft.

$887,000

1519 sq.ft.

$608/sq.ft.

Contra Costa

$549,500

1134 sq.ft.

$497/sq.ft.

$789,000

1555 sq.ft.

$524/sq.ft.

Marin County

$705,000

1118 sq.ft.

$661/sq.ft.

$891,000

1598 sq.ft.

$561/sq.ft.

Monterey County

$840,000

1229 sq.ft.

$642/sq.ft.

$1,010,000

1733 sq.ft.

$580/sq.ft.

Napa County

$967,500

1052 sq.ft.

$929/sq.ft.

Too few sales

San Francisco

$1,258,000

1191 sq.ft.

$1051/sq.ft.

Too few sales

San Mateo County

$865,500

1185 sq.ft.

$742/sq.ft.

$1,485,000

1625 sq.ft.

$887/sq.ft.

Santa Clara County

$780,000

1140 sq.ft.

$694/sq.ft.

$1,334,000

1571 sq.ft.

$841/sq.ft.

Santa Cruz County

$772,500

1141 sq.ft.

$652/sq.ft.

$976,000

1531 sq.ft.

$635/sq.ft.

Solano County

$360,000

1036 sq.ft.

$340/sq.ft.

$500,000

1480 sq.ft.

$319/sq.ft.

Sonoma County

$417,000

1065 sq.ft.

$398/sq.ft.

$535,000

1324 sq.ft.

$386/sq.ft.

*Sales reported to NorCal MLS Alliance in 2025 through mid-December 2025. Counties contain submarkets of widely varying values. “Fixer-uppers” excluded. Median values fluctuate for reasons besides changes in fair market value. Data from sources deemed reliable but may contain errors and subject to revision. Numbers approximate, and data constantly changes as new sales occur. Not all sales are reported to MLS.

A satellite image of a bay AI-generated content may be incorrect.

Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data.

Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.

Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.

Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.

Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.

Photo use under the Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/ Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.