San Mateo’s housing market continues to demonstrate resilience and growth, reflecting broader trends in the Bay Area. Recent data indicates a steady increase in home values and a competitive market environment.
Current Market Trends
As of March 2026, the median sale price for homes in San Mateo reached $1.7 million, marking a 9.2% increase from the previous year. Homes are selling swiftly, with an average of 13 days on the market, and typically receive multiple offers. This competitive landscape underscores the strong demand for housing in the area.
Rental Market Insights
The rental sector mirrors this upward trajectory. The average rent in San Mateo stands at $3,561, reflecting a 4.8% year-over-year increase. This trend highlights the city’s desirability and the ongoing demand for rental properties.
Upcoming Residential Developments
To address the growing housing needs, several significant residential projects are underway:
Bayshore Commons
Located at 1650-1720 S. Amphlett Boulevard, the Bayshore Commons project involves demolishing existing office buildings to construct a new multifamily residential development. The plan includes 256 for-sale units, comprising 192 townhome-style condominiums and 64 single-family detached residences. Notably, 38 units are designated as affordable housing for moderate-income households, representing 15% of the total units. The development also features a 0.4-acre central park for residents.
Hillsdale Reimagined
The Hillsdale Reimagined project aims to transform the existing Hillsdale Mall into a walkable, transit-oriented neighborhood. This mixed-use redevelopment will deliver nearly 1,400 new homes, including 208 affordable units, alongside enhanced retail spaces and new public areas. Its proximity to the Hillsdale Caltrain Station emphasizes the project’s commitment to sustainable, transit-friendly living.
Peninsula Heights
Peninsula Heights is set to replace an underutilized business park with a thoughtfully integrated residential community. The development will feature 290 homes, including single-family residences, townhomes, and townhomes over flats. The design strategically blends varying densities to harmonize with the surrounding neighborhoods, offering improved views and amenities.
These developments reflect San Mateo’s proactive approach to expanding housing options and accommodating the needs of its growing population. Prospective buyers and renters can anticipate a range of new opportunities in the near future.