We’re thrilled to bring you the latest scoop on our local real estate market for March 2025. As your go-to real estate experts in San Mateo County, we’re breaking down the numbers, so you can easily understand what’s happening. Let’s dive into the exciting changes we’re seeing!
A Busy Market with More Homes to Choose From
Spring is here, and our market is heating up! In February 2025, new listings surged 29% compared to last year, and by March 1st, the total number of active and coming-soon listings was up 31%—the highest March 1st count in at least four years. More homes hit the market, and sales activity picked up too, with listings going into contract rising 4.5% year-over-year. It seems the “mortgage lock-in” effect—where sellers held off because of high rates—is fading. People are ready to move forward with their plans, and that means more options for buyers like you!
Prices Are Up, and Spring Could Bring More
The median home sales price in February 2025 climbed to about 6% higher than last year. That’s a solid increase! Historically, prices tend to peak in late spring, so we could see them rise even more in the coming months. Just so you know, the median price is the midpoint—half the homes sold for more, half for less. It’s a general guide, but it shows our market is strong despite ups and downs from month to month.
Condo Prices: A Different Story
While houses are seeing steady gains, condos in San Mateo County tell a different tale. Over the last 5-6 years, Bay Area median condo sales prices haven’t kept up with the appreciation rates we see in the house market. That said, they’re still a great option for many buyers. Like house prices, the median condo price is the midpoint of sales and can shift with seasonal trends or inventory changes. Long-term trends matter more here than short-term ups and downs.
Buyers Are Jumping In Fast
Demand is strong! Overbidding leapt in February, with the average home selling for nearly 6% above the list price. Homes are moving quickly too, especially more affordable ones, though luxury properties take a bit longer. The average days on market fluctuates with the season—it’s a snapshot of activity from a few weeks earlier—but it shows buyers are eager to snap up new listings as they come.
Luxury Homes Shine in Spring
Speaking of luxury, homes selling for $5 million+ follow a clear seasonal pattern: big sales in spring, a summer slowdown, a fall rebound, and a winter drop. We’re expecting a surge in the next few months, so if you’re in the high-end market, now’s the time to watch closely.
What’s Driving the Market?
Interest rates are a big factor. On March 6, 2025, the average 30-year fixed-rate mortgage dropped to 6.63%, down for the seventh week in a row. Freddie Mac noted this was the largest weekly drop since mid-September—great news for buyers as the spring season kicks off! Lower rates could make monthly payments more manageable, encouraging more people to jump in.
But it’s not all smooth sailing. Inflation ticked up for the fourth month, the Federal Reserve kept its benchmark rate steady, and consumer confidence took a hit in February. People across all ages and income levels are feeling less certain about their finances and the economy, according to the University of Michigan’s Surveys of Consumers. Plus, with stock markets dropping and global politics shifting, some folks might be waiting to see what happens next.
What Does This Mean for You?
If you’re thinking of buying, the growing inventory and falling interest rates could make now a smart time to explore. Sellers, you’re in a great spot too—demand is up, and prices are trending higher. Keep in mind, these stats are big-picture trends. Things like curb appeal, condition, and location play a huge role in any home’s value—something we’d love to dive into with you personally.
Let’s Talk About Your Next Step
Ready to make a move in San Mateo County? Whether you’re buying, selling, or just curious, we’re here to help. Reach out today—let’s make your real estate goals happen!
Note: Stats are general summaries based on lots of unique sales. They’re helpful guides, not exact measures, and can shift with late data or seasonal changes. Data comes from reliable sources like the MLS, but all numbers are approximate. For a true picture of your home, a personalized market analysis is the way to go!
