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August 6, 2018

Think it’s hard to find a home in S.F.? The Peninsula is even worse

Those surprised to see that San Francisco home values have hit yet another high with a new median price of $1,665,000 for April, according to Paragon Real Estate, may be absolutely shocked to learn that San Mateo County is actually substantially more expensive. The new median price for the Peninsula in April was $1.8 million, according to San Mateo County Association of Realtors data in the San Mateo Daily Journal.

“If you are an average Joe, it’s very difficult for you to buy a house,” local realtor Jeff LaMont told the paper. “If you are a school teacher or an auto mechanic, you are kind of screwed. It’s really, really tough.”

Individual cities within the county ranged, of course, with the city of San Mateo coming in a little below the county average with a median price of  $1.6 million, while nearby cities such as Belmont and Foster City were at $1.8 and $1.9 million, respectively.

Real estate agents in the area believe this is the strongest market they’ve ever seen, pushed sky-high by an increasing population brought to the area by high-income jobs in tech and biotech. Much as in the rest of the Bay Area, that increasing population combined with a serious lag in new construction has led to a perfect storm of low inventory and high demand that can make buying a home in the county near impossible.

“If you are not working in high tech or biotech or have family money or are not an entrepreneur whose business is doing really, really well — it’s really hard to buy here,” LaMont said.

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