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

Welcome to the latest Redwood City real estate market update for September 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 September, so you can make informed decisions about buying, selling, or investing in Redwood City real estate.

Number of Sales:
In September 2024, the Redwood City real estate market saw a total of 36 sales, two less than the previous month but 13% more than September 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 65 active listings in September, which was 12% more than the previous month but was 37% lower year over year. Lower rates bring both buyers and sellers to the market so more inventory isn’t surprising in September. Higher inventory could also translate into higher sales in areas with high demand like Redwood City.

Median Listing Price:
The median listing price for homes in Redwood City in September 2024 was $1,773,500, which was 8% lower than last month and 15% lower year over year.

Median Sale Price:
For September 2024, the median sale price of homes in Redwood City was $2,255,000, which is 7% higher month over month and up 21% year over year. The median sold price has been higher than the median list price for the past eight months, and in September, was 27% 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. Declining rates are bringing buyers and sellers back to the market, and we are seeing prices increase because there are more market participants.

As we wrap up our Redwood City real estate market update for September, 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!