San Mateo is a great place to live. Conveniently located on the Peninsula between San Francisco and San Jose, the city has an active business community, beautiful housing, and excellent public schools. Home buyers looking for San Mateo homes for sale have an assortment of neighborhood options, each offering different benefits. Two of the best neighborhoods for first time home buyers in San Mateo are The Village San Mateo and Sunnybrae San Mateo.
The Village San Mateo is located between Bayshore Freeway and El Camino Real around Hillsdale Boulevard. Filled with adorable, small ranch homes, the neighborhood has long been a favorite with first time home buyers. Most of the homes are between 1,100 and 1,300 square feet and feature no more than 3 beds and 2 baths. The homes are closely spaced, creating a warm neighborhood feeling.
Sunnybrae San Mateo is located in a similar location above the Bayshore Freeway to the north of The Village San Mateo. It also has a sweet neighborhood vibe, with 3 bed, 2 bath homes of different styles set closely on scenic tree-lined streets. Homes in Sunnybrae are a bit bigger when compared to The Village homes, with average size closer to 1,500 square feet. Sunnybrae Park and Sunnybrae Elementary School are both draws for young families, as well.
2022 has brought a softening San Mateo real estate market which brings opportunity for first-time home buyers. Median sales price and average price per square foot on single family homes has decreased. San Mateo homes are staying on the market longer, and the sales price/list price percentage has decreased. The chart below shows average price per square foot during 2022 for both neighborhoods.
Since Sunnybrae homes are a bit larger on average, it is also helpful to look at median sales price (see chart below).
Both The Village and Sunnybrae are wonderful places to buy a first home. With current market conditions, Sunnybrae appears to offer the greatest value. The average price per square foot on sold single family homes in Sunnybrae is down 19.1% when comparing 3rd quarter 2022 figures to 1st quarter 2022 figures. Whereas The Village is down 8.9% in a similar comparison. Median list price on active homes in both neighborhoods is currently nearly identical at just below $1,700,000.
Keep in mind that good, well-priced homes are still selling relative quickly and some are still selling over the asking price. As of today, there are only a handful of homes available in each neighborhood. If you find a home that you love, you will still need to act quickly and decisively.
Veritas Homes is a boutique residential real estate brokerage servicing home buyers and sellers on the San Francisco Mid Peninsula. Founded by Val Vandervort, Veritas Homes (Latin for “Truth”) is committed to providing outstanding customer service to all and operate with “Truth” at the center of all we do. To learn more about the San Mateo Real Estate Market, read "Is the Mid Peninsula Real Estate Market Bouncing Back?". To learn about a great waterfront home for sale in San Mateo, read "Resort Style Living on the San Mateo Lagoon."
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