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Is Redwood City, CA a Buyer’s or Seller’s Market?

Redwood City continues to be a strong seller's market as we move through May 2024. With high demand and relatively quick sales, the competitive landscape favors sellers, making it an opportune time for those looking to list their properties.

Key Takeaway

Redwood City remains a seller's housing market, characterized by higher prices and faster home sales compared to a balanced market.

Housing Prices in Redwood City, CA

How Much Do Homes in Redwood City, CA Cost?

  • Median Sold Price: $1,837,312
  • Median Price per Square Foot: $1,084

Over the last 12 months, homes in Redwood City have sold for a median price of $1,837,312, which represents a 4.7% increase from the previous year. The median price per square foot also saw a modest rise, up 1.7% to $1,084.

Year-Over-Year Change:

  • Median Sold Price: +$82,312 (+4.7%)

Housing Prices by Bedroom Count

  • 1 Bedroom: $735K (-0.3%)
  • 2 Bedrooms: $1.2M (+7.4%)
  • 3 Bedrooms: $1.8M (+5.8%)
  • 4 Bedrooms: $2.4M (+1.7%)
  • 5+ Bedrooms: $3.1M (+8.8%)

The increases in home prices across various bedroom counts highlight the robust demand in Redwood City, particularly for larger homes which have seen significant appreciation.

Median Sold Price Compared to Nearby Cities

  • Belmont: $2.1M (+5.8%)
  • Redwood City: $1.8M (+4.7%)
  • San Carlos: $2.1M (+2.1%)
  • Atherton: $7.6M (+0.5%)
  • Woodside: $4.9M (-4.6%)

Redwood City's price growth is strong relative to nearby cities, positioning it as a competitive and desirable location for buyers and investors alike.

Housing Supply in Redwood City, CA

How Many Homes Are Available in Redwood City, CA?

  • Homes for Sale: 165 (up 12.2% from April 2024)

The inventory of homes for sale has increased by 12.2% compared to the previous month, indicating a slight easing in the tight market conditions.

Homes for Sale by Bedroom Count

  • 1 Bedroom: 6 (+50.0%)
  • 2 Bedrooms: 35 (-7.9%)
  • 3 Bedrooms: 63 (+10.5%)
  • 4 Bedrooms: 35 (+12.9%)
  • 5+ Bedrooms: 26 (+52.9%)

This breakdown shows a significant increase in the availability of larger homes, suggesting potential opportunities for buyers seeking more space.

Number of Homes Sold

  • Homes Sold: 50 (down 20.6% from April 2024)

The number of homes sold in May has decreased by 20.6% compared to April, reflecting a possible seasonal slowdown or the impact of higher asking prices.

Asking Price vs. Sold Price

  • Under Asking: 14
  • At Asking: 3
  • Over Asking: 31

Percentage Breakdown:

  • Sold Under Asking: 29%
  • Sold At Asking: 6%
  • Sold Over Asking: 65%

With 65% of homes selling over the asking price, buyers should be prepared to offer competitively to secure a property in this market.

Days on Market for Redwood City, CA

Average Sale Time

  • May 2023: 17 Days
  • May 2024: 20 Days (+17.3%)

Homes in Redwood City are taking slightly longer to sell compared to last year, with an average of 20 days on the market, an increase of 17.3%.

Breakdown of Home Sale Times

  • Under 30 Days: 40 homes (80%)
  • 30 - 90 Days: 7 homes (14%)
  • Over 90 Days: 3 homes (6%)

Despite the longer average sale time, a significant majority of homes are still selling within 30 days, emphasizing the competitive nature of the market.

Conclusion

Redwood City's real estate market in May 2024 remains highly competitive with a strong lean towards sellers. While there has been a slight increase in inventory, demand continues to push prices up, especially for larger homes. Buyers should be prepared for competitive bidding and swift market conditions.

If you have any questions about the Redwood City market or need guidance on buying or selling a home, please feel free to reach out.

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