San Mateo County property values reach $326 billion after a below-average year yielded 5.75 percent growth, appraiser says

July 5, 2024

San Mateo County property values reach 6 billion after a below-average year yielded 5.75 percent growth, appraiser says

A “Sold” sign in the front yard of a house. Courtesy of Getty Images/Martin Barraud.

Real estate values in San Mateo County reached a record $325.5 billion earlier this year, up 5.75% from the previous year’s $307.8 billion.

The increase in assessed values this year marks the 14th consecutive year that property values in San Mateo County have reached a record high, according to Mark Church, the office of the assessor, county clerk and supervisor of elections.

Church’s office attributed the continued increase in property values in the county to new property developments, changes in ownership, sales, inflation, foreclosures and state laws affecting property tax law, such as Propositions 8 and 19, it said in a report Tuesday.

The cities with the highest growth in dollar terms were South San Francisco at $2.31 billion, San Mateo at $1.76 billion, Burlingame at $1.36 billion, Daly City at $1.27 billion and Redwood City at $1.06 billion, the report said. These five cities represent about 43.8% of the total growth in the 20 cities and unincorporated areas of San Mateo County, the report added.

However, the 5.75% appreciation is below the five-year average of 6.43%, reflecting recent challenges in the housing and financial markets, the report said. In its attempts to combat inflation, the Federal Reserve System’s interest rate hikes in 2022 have increased mortgage rates, dampening both affordability and price growth, the report added.

According to the San Mateo County Association of Realtors, single-family home sales fell 17.4% to 3,292 units in 2023, from 3,987 units in 2022. Condo sales also fell 30.4%, from 1,435 units in 2022 to 999 units in 2023, the association also said.

Nevertheless, real estate prices continued to reach record highs, the report said.

The median price for a single-family home reached $2.3 million in May, according to the Realtors association. The average condo sold for $930,000 that same month, a jump from the low of $826,500 in December 2023, the association added.