Redwood City Housing Market Update
Redwood City is at the center of the Mid Peninsula and is a highly desirable community. Blessed with beautiful housing, strong public schools, and a convenient location, the Redwood City housing market is popular with today's home buyers for good reason. Neighborhoods like Mount Carmel, Edgewood Park, Woodside Plaza, and Redwood Shores provide excellent housing opportunities with great community vibes. Prior to World War I, Redwood City was even judged as the best climate in the world. Impressive!
Based on single-family 2022 home sales, the following facts help frame the Redwood City housing market:
Average Size: 1,937 sq ft
Average Lot Size: 7,917 sq ft
Bedrooms/Baths: 3/3
Year Built: 1960
2022 High Sale (per MLS): $6,000,000
2022 Low Sale (per MLS): $615,000
Redwood City real estate, like all Mid Peninsula real estate markets, is some of the most expensive in the United States. Redwood City was called out in 2022 by Bankrate.com as one of the most expensive mid-sized markets in the country. When we run statistics for Redwood City real estate we also include Redwood Shores real estate figures, since the neighborhood is technically within the city limits.
2022 was quite a strange year for Redwood City real estate (and all Mid Peninsula real estate), with a strong first half of the year and an equally soft second half. We entered 2023 with eyes closely focused on the Redwood City housing market. Mid Peninsula real estate is renowned for its strength and resilience. Even with increasing interest rates, we never expect Mid Peninsula real estate markets to stay down for long. Let's dig into the details for Redwood City single-family home sales for February 2023.
# of homes sold: 27
Average days on market: 25
Sales/List %: 99%
Median Sales Price: $1,950,000
Average Price/Sq Ft: $1,147
Although interesting, this data on its own does not tell us a lot. Only when compared to previous data are these statistics truly enlightening. The top three statistics are an indicator of how active the market is. When compared to January 2023, these all show improvement.
50% more homes sold
Homes sold 29% quicker
Homes sold 1% closer to the asking price
The next two statistics are an indication of sales value. Median sales price takes all the houses sold during the month and finds the middle. Average price per square foot is probably the best and easiest way to compare homes of different price points. The average price per square foot is the sales price divided by the square footage. Let's look at what has been happening with Average price/Sq Ft in Redwood City CA.
As I mentioned earlier, the first part of 2022 was quite strong, so the average price per square foot of Redwood City homes sold in February 2023 was down by nearly 20% over February 2022. Yet the average price per square foot of Redwood City homes sold in February 2023 was up by nearly 6% over the 4th quarter of 2022. In summary, things are looking up.
To better understand the Mid Peninsula real estate markets, including Atherton real estate, Belmont real estate, Burlingame real estate, Foster City real estate, Hillsborough real estate, Menlo Park real estate, Redwood City real estate, Redwood Shores real estate, San Carlos real estate, San Mateo real estate, and Woodside real estate, you will want to download the 2022 Veritas Report - a detailed yet easy-to-read commentary from local real estate expert Val Vandervort.
We at Veritas Homes are Mid Peninsula market experts and able to help both buyers and sellers find success in any market. For those interested in selling a San Mateo County home, we are here to help with all the details, including helping you get the home in sale-ready condition. Call Val Vandervort at 650-740-6025 to set up an appointment.
Your source for real estate news on the San Francisco Mid Peninsula
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