Burlingame is one of the most desirable suburbs in San Mateo County. This charming city is only about 17 miles south of San Francisco and boasts proximity to other major cities such as Oakland and San Jose. It offers a rare combination of suburban tranquility and proximity to urban life.
The city boasts a mild climate with a comfort index of 8.4. July is the hottest month in this city, with an average temperature of 73 degrees. The coldest month is January, with an average temperature of 42 degrees. Rainfall is evenly spread throughout the year and averages 23 inches annually, while snowfall is generally very light and brief.
Burlingame has beautiful neighborhoods and excellent amenities, such as well-maintained parks, including Washington Park and Village Park, which feature several amenities, such as picnic areas and playgrounds. In addition, this city has a high quality of life which can be seen through its good educational institutions, excellent shopping, and fine dining.
The following is a Burlingame real estate forecast for 2023.
Home values are increasing
Over the last 10 years, home prices in Burlingame have increased by 84.7%, and the present appreciation rate is 8.6%. Single-family homes in Burlingame spend an average of 57 days on the market, while condominiums and townhomes spend about 29 days.
These statistics show that the local real estate market is experiencing a boom. Demand is also high due to Burlingame's proximity to major employment centers, including San Francisco and Silicon Valley. For that reason, many people are actively seeking homes in Burlingame, leading to increased competition and high prices. The supply of new housing units is also low, as the median age of homes is 59 years.
The average value of all homes in Burlingame is $2,705,895. By the end of 2023, home prices are expected to go up by 6.06% to $2,869,905.
Interest rates are rising
Interest rates play a major role in home values. An increase in interest rates affects the cost of mortgages, which leaves some potential homebuyers unable to purchase homes. This decreases the demand for housing. However, the Federal Reserve occasionally increases these rates to improve the performance of the economy.
On May 3, the Federal Reserve increased interest rates by 0.25%, the 10th consecutive increase since March 2022. Interest rates are expected to continue rising as we head into the second part of 2023. However, the increments are expected to be of a small magnitude and will likely not affect the highly competitive local real estate market.
Investing indicators favor landlords
Almost half of Burlingame's population lives in rental units. This means there is high demand for apartments. The average rental fee for a one-bedroom apartment in Burlingame is $1,298, while three-bedroom apartments rent at an average of $2,283 a month. As already discussed, the supply of housing is low, and demand is growing, which has led to high rental fees. More people are expected to move into this city, meaning the trend will likely continue.
There will be a positive net population migration
According to the Census Bureau, Burlingame has been experiencing net population migration since 2010. The population of this city was 31,386 in 2020, which was 2,580 more than it had been in 2010. Burlingame is expected to grow in population in the near future as more people move into this city to enjoy its high quality of life.
San Mateo County housing market trends 2023
Market data from the San Mateo County Association of Realtors shows that the median sale price for single-family homes in San Mateo County was $1.82 million in April 2023. This was an increase of 2.1% from March 2023. The median price for single-family homes was $1.75 million in the first quarter of 2023, up 0.43% from the previous quarter. The number of single-family homes listed in the first quarter was 813, down by 25.5% from the previous quarter. This indicates a positive trend in the San Mateo County real estate market, which is expected to continue in the coming months.
Burlingame foreclosure statistics 2023
In terms of foreclosures, the state of California performs quite well, considering its large population. In the first quarter of 2023, California ranked 14th among the states with the most foreclosures. The state had one foreclosure per 1,404 homes. This was an improvement of 3.74% from the previous quarter. Burlingame and other suburban cities have a low number of foreclosures due to the high demand for properties.
Burlingame average home prices 2023
The average price of single-family homes in Burlingame was $3,699,000 in May 2023 and $1,467 per square foot. Condominiums and townhomes averaged $1,098,000 and $843 per square foot.
Burlingame real estate market: should you invest?
This city’s real estate market has seen an increase in demand in recent years due to the high quality of life this city offers. The city's proximity to big metropolitans is also a major factor driving demand. These factors will continue to drive Burlingame property prices up in the coming months and years, meaning investing in Burlingame real estate is a good choice.
Buy your next home in Burlingame
Are you looking to invest in the Burlingame housing market? Mary Ann Teixeira can help. She has been a local realtor for the past 15 years and has earned a reputation for excellence and dependability. Contact Mary Ann to get started on your Burlingame real estate investment.
