House prices in cities near San Francisco have been appreciating more slowly than in San Mateo. San Mateo house price appreciation is barely higher than that of San Mateo County.
House Price Appreciation
If house price trends in San Mateo County are carefully examined, 2018 appears to have been a turning point for house prices. The short-term spikes in 2018 and in early 2022 are very noticeable, but the trend from late 2018 to 2026 is flatter than that from 2012 to 2018.
In early 2022, house prices fell further from their 1st-quarter 2022 peak for cities near San Francisco than for San Mateo.
Age Of Houses Sold
If the age of the houses sold in a city such as San Bruno, located close to SF, is compared to San Mateo, there is a significant difference beginning in mid 2019.
The faint red line shows the average age of houses sold in San Mateo, while the strong red line shows the average age of houses sold in San Bruno. The age of houses sold in San Mateo did not increase as much as in San Bruno.
Cause Or Simply Correlation
Events and market conditions can cause quick changes in real estate trends, but there are almost always multiple factors affecting home prices. A change in interest rates can quickly change how many new homes developers want to build. Local governments can change zoning, affecting the types of housing built.
New homes almost always sell at a premium over older homes. A significant change in the number of new houses sold would affect the average sales price. The graphs above show that the median age changed little, while the average changed significantly. This implies that a relatively small number of younger, likely new homes were affecting the average age, but their numbers dropped dramatically in 2019.
The real estate trends for this article come from https://julianalee.com/blog/san-mateo-county-vs-santa-clara-county-real-estate-trends-age/
