There are no deals in the Peninsula. Home prices are higher than ever, and buyer activity has set new records for overbidding on homes. But frustrated Peninsula buyers are finding the best value in town – Redwood City real estate.
Those of us who have lived in Redwood City for a while already know the secrets: we have the best weather; we have the convenience of being on a baby bullet Caltrain stop; and now we even have an edgy, urban downtown as new structures sprout up all around the rest of our historic buildings.
But what about the outsiders? Buyers priced out of surrounding areas make a last stop at Redwood City looking for affordable houses, only to be surprised that it isn’t just the best value in the Peninsula, but is also arguably one of the best cities in the Peninsula. The stigma is gone and the restaurants are here. And, as a result, prices are rising quickly.
The first quarter of 2014 shows the median sales price for Redwood City to be $1,025,000, a record high year over year for the history of the city. In a somewhat distant second is San Mateo, the next lowest priced area (west of the 101) in the mid-Peninsula, at just over $1,200,000. Comparatively, the “Old Redwood City” area of town scored a Q1 median sales price at $1,315,000, putting is just barely behind neighbors Belmont and San Carlos.
Looking at these numbers, we can see that a median home price over a million dollars is not a “deal” in any sense of the term, but compared to the surrounding communities it Redwood City does seem to be a bit more reasonably priced. In a few more years, after some of the development is complete, we may be having a different conversation. But for now, buyers should consider the best city, as well as the best deal in town, when looking for their next home – Redwood City.