Redwood City Market Update
To put it simply, 2017 was another good year for Redwood City real estate. Across the board, we saw increases in average sale price and interest rates. So what can you expect if you’re buying or selling a home in 2018?
Real Estate Right Now
There are homes selling for 10-20% more now than they would have a year ago. The average sale price in Redwood City is up about 10% from 1 year ago, 35% from 5 years ago (2013), and has more than doubled in the last 9 years (2009). In 2017, the average sale price was $1,564,716. If you ask any longtime Redwood City resident, chances are they’ll shake their head and say, “That’s crazy!”
However, you could say prices in Redwood City are still a bargain compared to neighboring cities — Palo Alto, Menlo Park, Atherton, San Carlos — where the average sales price exceeds $2-3 million. At the end of the day prices in Redwood City are still about 25% less than in San Carlos and 50% less than in Menlo Park on average, which is how people buying homes in RWC right now may be able to justify the prices they’re paying.
What’s in Store for 2018
There aren’t any immediate signs of the market slowing down in Redwood City. We’re seeing low inventory of homes for sale, relatively attractive mortgage interest rates, a thriving tech industry, and a booming downtown. The market is bound to correct at some point, but for now, Redwood City is a solid place to make a real estate investment.
READY TO MAKE A MOVE?
I would love to work with you on buying or selling your home. Email me or call me at (650) 704-8883 with any real estate questions. Or schedule a time with me for coffee and a free consultation.