So far, in the 3rd quarter of 2023, Foster City house prices have reached all-time highs for both average and median prices. Although the house price per sq. ft. has climbed during the last three quarters, it is not at an all-time high.
Let’s look at Foster City real estate. The average size of houses sold in Foster City has spiked upward to an all-time high.
There usually is quite a bit of variation in the average house size. However, Foster City, Los Altos Hills, Menlo Park, Millbrae, Pacifica, Portola Valley, San Carlos, San Mateo, and Woodside all show dramatic upward spikes in the average house size. In Santa Clara County, only Palo Alto shows a similar spike in average house size.
Looking through the real estate trends for these cities does not show any other significant changes. Historically, cities in San Mateo County have had a high San Francisco newspaper readership. Cities in Santa Clara County have had a high San Jose newspaper readership. Perhaps the continuing negative news for San Francisco is affecting the residents of nearby cities. Without any strong economic changes to lead people to move, people with fewer needs to stay put because of children (college age) or jobs (looking towards retirement) are more likely to move. If the trend continues, it may also show up in demographic data for age. Housing mandates from the state could also affect demographics and real estate trends masking other things.