Homes In Redwood City
The real estate market stats for new homes in Redwood City over the last week has held very steady. Median list price was just under $1.8 million. The average price per square foot is at $1014. Days on market average is at 66 days. The most expensive property for sale in Redwood City is listed at $4,298,000. Conversely, the least expensive home in Redwood City is listed at $789,888. In summation, the above stats are for single-family homes in Redwood City.
Condos Market Redwood City
As for the condos market in Redwood City, median list price has stayed very steady, ending the week at $993,444. The price per square foot for condos in Redwood City is also very steady at $861. Another important figure, Redwood City‘s median rent is currently at $3485. Lastly, renters have a multitude of options to choose from no matter their budget.
Construction Boom In Redwood City
Redwood City has been very active over the past decade with a higher average turnover rate than many other local cities. Allowing for developers and prospective buyers to buy into the market relatively cheaply. Then, either fully remodel or fully rebuild on the newly purchased land. Homes are then put back on the market in a flurry of activity, at a justifiably raised price. The gentrification occurring is pumping development money into nearly all corners of the local economy. The planned redevelopment and construction are most apparent in the downtown area. Tall, new apartment buildings and commercial spaces line El Camino Real. The city planning department has opened the city up for many large scale developments. Ultimately, creating a surge in demand for local homes.
In conclusion, new home rebuilds are popular in Redwood City due to these attractive circumstances. For many, Redwood City’s relatively low price point allows for it to be an entry level market. Attracting prospective buyers and investors alike.
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The market in Redwood City has remained very steady throughout 2020. Prices plateaued during the first week of March, and have returned to similar numbers seen in December 2019. The median list price is at $1,893,500. Price per square foot has stayed very stable, and is at $,1016. Days on market has dropped slightly to 70 days. Inventory has climbed to 78 units. The median rent sits comfortably at $5,295. This is near the highest that rents that have ever been in Redwood City. The most expensive listing currently is on market for $4,750,000. The least expensive home is listed for $789,888. Right now, the biggest factor at play is the amount of inventory within Redwood City’s real estate market. The inventory is controlling the market action index, thus when inventory goes up prices decrease slightly. When the inventory goes down prices increase.