San Mateo Home Prices: $1783K, Up 1.5% — 3 ZIPs Analyzed (2026)
$1,783,004. That’s the median home value in San Mateo as of February 2026. Prices climbed 1.5% over the past year, and they’ve risen every month since bottoming out last September.
Quick answer: The average home price in San Mateo, CA is $1,783,004 as of February 2026, up 1.5% year over year according to Zillow.
Current Home Prices in San Mateo
The numbers here are not for the faint of wallet. San Mateo sits in the San Francisco-Oakland-Berkeley metro, and the pricing reflects that. A typical home costs nearly $1.8 million. The cheapest ZIP still asks $1.19 million. The priciest crosses $2.38 million.
| Metric | Value |
|---|---|
| Median home value | $1,783,004 |
| Year-over-year change | +1.5% |
| Cheapest ZIP (94401) | $1,189,604 |
| Most expensive ZIP (94402) | $2,383,317 |
| ZIP codes tracked | 3 |
| Data through | February 2026 |
The 1.5% gain is modest by San Mateo standards. But it comes after a brief dip. Values slid from $1.76M in March 2025 down to $1.72M in September, then reversed course. Six straight months of gains followed.
A buyer looking at the low end still needs roughly $238,000 for a 20% down payment. At the top end, that number jumps to $477,000. The gap between the cheapest and priciest ZIPs is wider than the entire median home price in most US cities.
San Mateo Home Prices by Neighborhood
Three ZIPs cover San Mateo, and each tells a different story. The spread between them is about $1.19 million — meaning you could buy an entire home in 94401 for what the price difference alone amounts to in 94402.
| ZIP Code | Home Value | Monthly Rent | vs City Median |
|---|---|---|---|
| 94401 | $1,189,604 | $3,017 | -33.3% |
| 94403 | $1,776,092 | $3,497 | -0.4% |
| 94402 | $2,383,317 | $3,668 | +33.7% |
Most Expensive
94402 leads at $2,383,317 — roughly 34% above the city median. Rent here averages $3,668 per month, the highest of the three ZIPs.
94403 sits near the city average at $1,776,092, with rent at $3,497 per month.
94401 rounds out the list at $1,189,604. It’s the only ZIP below the city median.
Most Affordable
94401 is the cheapest by a wide margin, running about $587,000 below the next ZIP and $1.19M below the top. Rent there is $3,017, which is $651 less per month than 94402.
94403 is the middle option and actually tracks closest to the broader San Mateo median. A buyer here is paying essentially the city-average price.
94402 is the budget-stretch neighborhood of the three — but “budget” is relative when the floor is still above $1 million.
Rent vs Buy in San Mateo
Renting wins, and it wins big.
The average monthly rent across San Mateo’s three ZIPs is roughly $3,394. Buying the median home at $1,783,004 with 20% down leaves a $1.43M loan. At a 7% 30-year mortgage rate, the principal and interest alone runs about $9,500 per month. Add California property taxes at roughly 1.1% of assessed value and you tack on another $1,634 monthly. Insurance brings total carrying costs near $11,000 per month before HOA fees or maintenance.
| Option | Monthly Cost |
|---|---|
| Rent (city average) | $3,394 |
| Buy median ($1.78M, 20% down, 7%) | ~$11,000 |
| Monthly premium to buy | ~$7,600 |
You’d pay more than three times as much to own versus rent. Even the cheapest ZIP, 94401, produces a roughly $7,400 monthly ownership cost — still over twice the local rent.
The calculus only flips if you assume continued price appreciation, tax deductions, and long holding periods. At a 1.5% annual price gain, the median home adds about $26,700 in equity per year — less than half the rent-buy premium.
Population Growth and Migration
San Mateo is shrinking.
The population peaked at 105,658 in 2020 and dropped in each of the next two years before stabilizing. By 2024 it stood at 103,006 — a 2.5% decline over four years.
| Year | Population |
|---|---|
| 2020 | 105,658 |
| 2021 | 102,900 |
| 2022 | 101,956 |
| 2023 | 102,098 |
| 2024 | 103,006 |
The city is growing again, barely. Population ticked up in both 2023 and 2024. But it remains well below the 2020 peak.
Compare that to other California cities:
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| San Mateo | 103,006 | -2.5% |
| Bakersfield | 417,468 | +3.0% |
| Sacramento | 535,798 | +1.9% |
| San Diego | 1,404,452 | +1.4% |
| Fresno | 550,105 | +1.4% |
| Oakland | 443,554 | +0.6% |
San Mateo is the only city on this list that lost residents. Housing demand here isn’t driven by people moving in. It’s driven by a constrained supply, a tight labor market in tech-heavy neighbors, and wealth concentration — a combination that keeps prices up even as the headcount drops.
San Mateo Housing Market Trends
| Month | Median Value | Change |
|---|---|---|
| Feb 2026 | $1,783,004 | +0.6% |
| Jan 2026 | $1,771,965 | +0.6% |
| Dec 2025 | $1,761,563 | +0.8% |
| Nov 2025 | $1,747,894 | +0.7% |
| Oct 2025 | $1,736,582 | +0.5% |
| Sep 2025 | $1,728,649 | +0.2% |
| Aug 2025 | $1,724,474 | -0.3% |
| Jul 2025 | $1,728,883 | -0.4% |
| Jun 2025 | $1,736,555 | -0.7% |
| May 2025 | $1,748,839 | -0.4% |
| Apr 2025 | $1,756,024 | -0.1% |
| Mar 2025 | $1,757,426 | — |
The 12-month arc looks like a shallow U. Prices slid from March through September, losing roughly $28,800 in value at the bottom. Then the recovery started. Six consecutive monthly gains followed, each one larger than the last for several months in a row.
The most recent three months show price increases averaging about $7,000 per month. That’s the fastest pace in the 12-month window.
Is San Mateo a Good Place to Buy in 2026?
The data points both ways.
On the buyer side: prices are rising again, the drought from spring and summer 2025 looks over, and any buyer who waited missed the bottom. Every month of delay has cost around $7,000 lately.
On the caution side: the city is losing residents, rent-to-own math is badly out of balance, and the gap between the cheapest and priciest ZIP is wider than most entire cities. The 1.5% yearly gain is well below California’s long-run average.
If you need to live in San Mateo and plan to stay a decade, the numbers support buying. If you’re flexible on location or timeline, renting and investing the difference will likely outperform ownership given the current price-to-rent ratio. A $7,600 monthly rent-buy gap invested at market returns compounds into real money over 10 years.
This is neither a clear buyer’s nor seller’s market. It’s a wealth-preservation market.
San Mateo Housing Market Outlook for 2026-2027
The 3-month trend suggests prices will keep climbing in the near term. Values added roughly $21,400 over the last three months — an annualized pace near 4.8%. If the current pace continues through the spring selling season, the median could cross $1.8 million by summer 2026.
But the recovery started from a dip. The 12-month gain is still just 1.5%, and San Mateo spent half of 2025 in a downtrend. Momentum can fade as quickly as it builds in this price tier, where rate changes and tech-sector hiring swings dominate demand.
Over the next 3 to 6 months, the likeliest path is continued modest appreciation barring a rate shock. Beyond that, the population decline is a structural headwind worth watching.
Similar Markets in CA
- San Diego — A large coastal alternative with a smaller premium over the state average.
- Los Angeles — Bigger city, still expensive, but offers more variety in neighborhood pricing.
- Long Beach — A lower-cost coastal option for buyers priced out of the Bay Area.
- Anaheim — Orange County pricing that undercuts San Mateo while keeping California tax rules.
- Bakersfield — For buyers chasing affordability, Bakersfield costs a fraction of San Mateo and is growing.
Frequently Asked Questions
What is the average home price in San Mateo?
The average home price in San Mateo, CA is $1,783,004 as of February 2026. That figure is based on the Zillow Home Value Index across three ZIP codes: 94401, 94402, and 94403.
Are home prices going up or down in San Mateo?
Prices are up 1.5% year over year. The market bottomed at $1,728,649 in September 2025 and has posted six straight months of gains since, with the latest three months showing the fastest pace.
Is it cheaper to rent or buy in San Mateo?
Renting is far cheaper. The citywide average rent is about $3,394 per month, while owning the median home costs roughly $11,000 per month with 20% down at a 7% mortgage rate. That’s more than a $7,600 monthly gap.
What is the most affordable neighborhood in San Mateo?
ZIP code 94401 is the most affordable at $1,189,604 — about 33% below the San Mateo median. Rent there also runs $651 per month less than the priciest ZIP, 94402.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.