San Mateo’s housing market continues to evolve, reflecting broader trends in the Bay Area. Recent data indicates a steady increase in home values, with the average home value reaching approximately $1.69 million, marking a 1% rise over the past year. Homes typically go pending in around 12 days, underscoring the market’s competitiveness.
In terms of sales, the median sale price stands at $1.57 million, with a median list price of $1.47 million. Notably, 65% of sales have been closing above the list price, highlighting strong demand. The median sale-to-list ratio is 1.046, and the market maintains a tight inventory with 170 homes available as of April 30, 2026.
On the rental front, the average rent in San Mateo is $3,561, reflecting a 4.8% year-over-year increase. This trend aligns with the broader Bay Area rental market, where demand continues to outpace supply.
Upcoming Developments
Several significant residential projects are underway, aiming to address housing demand and enhance community amenities:
Bayshore Commons
Located at 1650-1720 S. Amphlett Boulevard, Bayshore Commons involves demolishing an existing office campus to construct a multifamily residential development comprising 256 for-sale units. The project includes 192 townhome-style condominiums and 64 single-family detached residences, with plans to subdivide the site into seven parcels and 64 lots for the single-family homes.
Hillsdale Reimagined
This transformative mixed-use redevelopment aims to convert the existing Hillsdale Mall into a walkable, transit-oriented neighborhood. The project will deliver nearly 1,400 new homes, including 208 affordable units, alongside enhanced retail spaces and new public areas near the Hillsdale Caltrain Station.
Peninsula Heights
Peninsula Heights plans to replace an aged business park with a thoughtfully integrated, modern residential community. The development will feature 290 homes, including single-family residences, townhomes, and townhomes over flats, designed to blend seamlessly with the surrounding neighborhoods.
These developments reflect San Mateo’s proactive approach to meeting housing needs while fostering community growth. Prospective buyers and renters should stay informed about these projects, as they present new opportunities in the local real estate market.