San Mateo stayed very competitive as national price growth stayed modest
The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. In 94402 San Mateo, the Real Estate Data Aggregator counted a $2,550,000 median sale price for the three months ending August 31, 2026, up 6.5% from the same period a year before. That is more than twice the national rate. Your next move needs local numbers, not broad averages.
The national picture, as of October 25, 2026
Freddie Mac put the 30-year fixed rate at 7.32% as of October 22, 2026. Realtor.com reported that 20.8% of listings nationally took a price cut in September, the highest share since October 2022. Active listings topped 1.16 million homes nationally that same month, also per Realtor.com. Here, the story is different.
San Mateo ZIP codes: three months ending August 31, 2026
The Real Estate Data Aggregator covers four San Mateo ZIP codes with full data: 94401, 94402, 94403 and 94404. Each one tells a different story. Together they show a market that is tight, fast and competitive, even where prices dipped a little.
| 94401 | 94402 | 94403 | 94404 | |
|---|---|---|---|---|
| Median sale price | $1,150,000 | $2,550,000 | $1,760,000 | $1,333,000 |
| Price change vs. year before | down 3.6% | up 6.5% | down 5.5% | down 11.1% |
| Median days on market | 29 | 12 | 14 | 28 |
| Sale-to-list ratio | 103% | 106.6% | 108.2% | 100.6% |
| Sold above list | 33.3% | 63.1% | 68.8% | 38.5% |
| Months of supply | 1.7 | 1 | 1.2 | 1.1 |
94402: the tightest conditions in San Mateo
The Real Estate Data Aggregator counted 84 homes sold in 94402 in the three months ending August 31, 2026, up 9.1% from a year before. Inventory fell 12.9% to just 27 homes for sale. Supply sat at 1 month. Homes sold in a median of 12 days, 2 days faster than a year before. Nearly two in three homes sold above list price, 63.1%, up 9.8 points. The average sale came in at 106.6% of list, up 4.7 points. That is a market where pricing precision matters a great deal.
94403: the strongest sale-to-list in the group
The Real Estate Data Aggregator counted 80 homes sold in 94403 in the three months ending August 31, 2026. The median price dipped 5.5% to $1,760,000. That is the honest part. The competitive part: the average sale came in at 108.2% of list, up 4.1 points. Nearly 7 in 10 homes sold above list, 68.8%, up 6.6 points. Median days on market was 14. Supply held at 1.2 months. A lower price did not mean a softer market here.
94404 and 94401: more inventory, prices down, still moving
In 94404, the Real Estate Data Aggregator counted 78 homes sold, up 6.8%. The median price fell 11.1% to $1,333,000. Inventory dropped 37.2% to 27 homes for sale. Supply tightened to 1.1 months. Homes went under contract in a median of 28 days. Nearly 4 in 10 sold above list, 38.5%. In 94401, 60 homes sold, flat from a year before. The median price slipped 3.6% to $1,150,000. Days on market fell 11 days to 29. The sale-to-list ratio rose to 103%, up 2.9 points. Supply fell to 1.7 months. Both ZIP codes show price softness alongside real demand.
Nearby markets: Burlingame, San Carlos, Millbrae, Belmont, Los Gatos
The Real Estate Data Aggregator counted 118 homes sold in 94010 Burlingame, up 29.7%. The median rose 8.8% to $4,025,000. More than 6 in 10 homes sold above list, 62.7%, up 17.6 points. Supply held at 1 month. In 94070 San Carlos, 97 homes sold, up 12.8%. The median rose 11.5% to $2,480,000. Homes sold in a median of 13 days, 4 days faster. More than half sold above list, 54.6%. In 94030 Millbrae, 44 homes sold. The median jumped 23.8% to $2,227,500. Nearly two in three sold above list, 65.9%. Supply was 1 month. In 94002 Belmont, 59 homes sold, up 15.7%. The median dipped 2.2% to $2,200,000. Inventory more than doubled, up 118.8%, yet 59.3% of homes still sold above list. Supply rose to 1.8 months, the highest in this group.
| 94010 Burlingame | 94070 San Carlos | 94030 Millbrae | 94002 Belmont | |
|---|---|---|---|---|
| Median sale price | $4,025,000 | $2,480,000 | $2,227,500 | $2,200,000 |
| Price change vs. year before | up 8.8% | up 11.5% | up 23.8% | down 2.2% |
| Median days on market | 14 | 13 | 14 | 16 |
| Sale-to-list ratio | 106.8% | 105.8% | 107.2% | 104.6% |
| Sold above list | 62.7% | 54.6% | 65.9% | 59.3% |
| Months of supply | 1 | 1.1 | 1 | 1.8 |
Los Gatos: three ZIP codes, three very different reads
In 95030, the Real Estate Data Aggregator counted 42 homes sold, up 5%. The median jumped 23.4% to $3,725,000. Supply held at 2 months. Homes sold in a median of 34 days. In 95032, 66 homes sold, down 7%. The median rose 10.1% to $2,700,000. Supply held at 2.1 months. The average sale came in at 101.2% of list, up 1.3 points. In 95033, 33 homes sold, down 5.7%. The median rose 11.1% to $1,500,000. But supply climbed to 5.9 months, up 1.5 months, and median days on market reached 59, 14 days longer than a year before. Not every part of Los Gatos moved at the same pace.
Speed: which ZIP codes moved fastest
- 194402 San Mateo12 days
- 294070 San Carlos13 days
- 394403 San Mateo14 days
- 494010 Burlingame14 days
- 594030 Millbrae14 days
- 694002 Belmont16 days
- 795032 Los Gatos23 days
- 894404 San Mateo28 days
- 994401 San Mateo29 days
- 1095030 Los Gatos34 days
What the rate environment means right now
Freddie Mac put the 30-year fixed rate at 7.32% and the 15-year at 6.68% as of October 22, 2026. Realtor.com noted rates climbed above 7% for the first time since January 2025. Nationally, Realtor.com reported 20.8% of listings took a price cut in September, the highest share since October 2022. That is the national story. Here, most ZIP codes saw sale-to-list ratios above 100% and months of supply below 2. Rates matter, but local supply is doing most of the work in this market.
- The Federal Housing Finance Agency measured 2.6% national price growth from July 2025 to July 2026. Most ZIP codes in this market ran well above that through August 31, 2026. Supply is tight, homes are moving fast in most areas, and above-list sales are common.
- The exception is 95033 Los Gatos, where 5.9 months of supply and 59 median days on market tell a different story.
- One ZIP code, even one street, can read very differently from the market as a whole.
- If you want to know where your address sits, I am glad to look at the specifics with you.
Your next step
(650) 799-8888Text me your address and I will send back where your San Mateo area home sits against what actually sold near you through August 31, 2026. Takes a day, costs nothing.
Text me- Real Estate Data Aggregator numbers for ZIPs 95033, 95032, 95030, 94497, 94404, 94403, 94402, 94401, 94030, 94010, 94002 and 94070, the three months ending August 31, 2026, compared with the same months of 2025. Real Estate Data Aggregator last updated them on Oct 7, 2026.
- Freddie Mac: Mortgage Rates, read Oct 25, 2026
- Federal Housing Finance Agency: FHFA House Price Index® Up 0.3 Percent in July; Up 2.6 Percent from Last Year | FHFA, Sep 29, 2026
- Redfin: U.S. Home Prices Ticked Up 0.25% in September, Oct 20, 2026
- Realtor.com: September 2026 Monthly Housing Trends: Price Cuts Hit 4-Year Highs as Mortgage Rates Top 7%, Sep 30, 2026
- Realtor.com: September 2026 Rental Report: Median Asking Rent Declines at the Slowest Pace in 3 Years, Oct 15, 2026
- No Real Estate Data Aggregator numbers for 95031, so this part is from websites alone.
- No Real Estate Data Aggregator numbers for 94011, so this part is from websites alone.