The Burlingame housing market is positioned for steady growth in 2024 following a cooldown from the frenzied pandemic. Home prices are forecast to rise around 5%, down from the double-digit increases in 2021-2022. Burlingame remains one of the most attractive Bay Area cities thanks to its prime location, charming downtown, and proximity to technology hubs. Contact a knowledgeable Burlingame realtor for in-depth guidance to help you understand this local market. Here are some aspects that offer balanced growth in the Burlingame housing market:
Zillow predicts a 5% increase in Burlingame home values in 2024. Appreciation will return to more typical levels as buyer competition eases. The median home price should exceed $2.2 million. Luxury home prices over $3 million will likely increase by around 7% as tech IPOs continue to mint millionaires. Buyers will enjoy negotiating power not seen since 2019, though Burlingame will remain out of reach for many first-time buyers.
Redfin predicts that Burlingame will experience around 350 closed home sales in 2024, a slight decrease from the previous year. Sales peaked in spring 2021 when buyers rushed to take advantage of record-low mortgage rates. The housing inventory will rise in 2024, providing buyers with additional options. Days on the market will rise to 2-3 weeks for well-priced homes. Investors paying all cash will account for 15% of sales, down from over 25% during the pandemic. Open house crowds will be smaller.
Builders will ramp up new home construction to capitalize on Burlingame’s desirability and shortage of homes under $2 million. Multi-unit condo projects near downtown and the BART station will come online. Single-family home communities on former commercial sites will attract buyers. New construction will lift Burlingame’s inadequate housing supply closer to the countywide goal.
Freddie Mac predicts a modest increase in interest rates for 30-year fixed-rate mortgages to around 6% in 2024. This rate is up from record lows under 3% but still relatively affordable from a historical perspective. The rising rates will dampen buyers’ purchasing power by 10-15%; however, demand remains strong.
Moving to Burlingame
Burlingame is a picturesque neighborhood renowned for its serene atmosphere and tree-lined streets. This small suburban city sits conveniently close to San Francisco International Airport and has a walkable downtown filled with shops and restaurants. Though Burlingame has its charms, moving here can be an adjustment. The city caters to many young families and professionals due to its gorgeous bayside parks and welcoming community spirit.
Burlingame real estate
Burlingame is a desirable suburb located just south of San Francisco. Burlingame real estate is in high demand with higher median home prices. Limited inventory coupled with a strong demand continues to drive price growth. Burlingame provides residents with a high standard of living, quick access to San Francisco city, and a strong potential for property value appreciation despite its high cost. The high prices reflect the strong local economy and desirability of the area.