Market Monday: Redwood City Real Estate Market Update for August 2024

Welcome to the latest Redwood City real estate market update for August 2024! Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and media sale price. In today’s Market Monday blog post, we will focus on the data for August, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.

Number of Sales:
In August 2024, the Redwood City real estate market saw a total of 37 sales, a 23% increase from the previous month and 3% more than August 2023. Sales typically hit seasonal highs in June, but this year, sales peaked in April. We expect sales to decline for the rest of year, which is the seasonal norm.

Number of Listings:
Redwood City had 60 active listings in August, which was the same as the previous month but was 28% lower year over year. Much-needed new listings rose considerably in the first five months of 2024, which drove active inventory higher. Inventory reached its highest level in 2024 in July and August.

Median Listing Price:
The median listing price for homes in Redwood City in August 2024 was $1,908,000, which was 4% lower than last month and 4% lower year over year.

Median Sale Price:
For August 2024, the median sale price of homes in Redwood City was $2,105,000, which is 3% higher month over month but down 9% year over year. As you can see the median sold price has been higher than the median list price for the past seven months, and in August, was 10% higher.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that homes are generally priced well but the market is competitive and buyers are paying higher than list price.

As we wrap up our Redwood City real estate market update for August, it's essential to remember that the local market evolves and shifts. Keeping an eye on these key indicators each month helps you make informed decisions about buying, selling, or investing in Redwood City real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the Redwood City real estate market with certainty!