House Prices Converge In 2022
For many years, San Mateo County house prices per sq. ft. were higher than Santa Clara County’s. In 2022, this changed, and the prices became very similar. With this occurring shortly after COVID restrictions being lifted, it was probably at least partially due to people leaving high-density areas such as San Francisco and working remotely.
Flat House Prices Near San Francisco
Cities near San Francisco, including Brisbane, Daly City, Pacifica, San Bruno, and South San Francisco, have had flatter house prices than San Mateo County averages.
Other Real Estate Trends Converge
The average age of a San Bruno house sold, shown by the strong red line in the graph above, increased more in 2019 than the average age of a San Mateo County house sold, shown by the faint red line. The median ages of the two areas track each other closely and rose steadily, indicating that fairly new houses had far fewer sales after 2019.
Considerations For Real Estate Trends
Rapid changes to real estate trends can occur for a number of reasons: economic crisis, interest rates, government housing policies, pandemics, speculation, etc. Some of the changes can be fairly short-term, such as the 2000 dot-com boom, while others have long-lasting impacts. Although a single event may trigger a rapid change, the impact on a city is modified by other factors.