October's First-Time Homebuyer Report for Downtown

The population of Downtown ranks as the sixth-youngest in San Mateo with a median age of 42 years. It is also considered much less affluent than average with a median income of $64,026 per household. The Downtown market is almost exclusively made up of condos and townhouses, which currently account for 0% of the homes for sale in the area. Topping the list of best schools in the neighborhood is Aspire East Palo Alto Phoenix Academy.

Price Range

Some of the least expensive homes in San Mateo are in Downtown with a median home value of $637,209, while the list prices of available homes is currently at an average of $1,016,978. The Downtown market pulled back with a 12.5% sales drop in this week's report. However, overall sales numbers for the last 30 days remained above the monthly average (5.1) with seven homes sold.

Wonder which homes are generating the most buzz? Here are the most viewed listings in Downtown:

$499K   $948K   $950K  

Typical Dwelling

The typical dwelling in Downtown is a two-bedroom condo worth about $943,175. To purchase a similar home, a buyer with good credit and a $188,635 cash down payment could obtain a mortgage with a 3.95% interest rate and a $4,149 monthly payment. The property tax rate is $5.34 per $1,000 of taxable assessed value.

Get started right now by checking out Downtown homes for sale or reviewing Downtown real estate trends.


Data reported through 10/13/2016

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Better Homes and Gardens Real Estate J.F. Finnegan
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