Single Family Homes in June 2023

The average sale price of a single-family home in Hillsborough, CA in June 2023 was $4,758,750. This figure is derived from the sale prices of eight homes sold in that month, ranging from $3,500,000 to $7,145,000. The market showed a healthy mix of properties, with prices catering to a variety of budgets.

The increase in the number of listings by 18.8% between May and June 2023, as reported by RocketHomes, suggests a vibrant market with a high turnover of properties. This is a positive indicator for both buyers and sellers, as it signifies a dynamic market with opportunities for all parties.

Single Family Homes in 2023

Comparing the average sale price in June to the overall performance in 2023, we can see a consistent demand for single-family homes in Hillsborough. The robust real estate market, coupled with the town's desirable location and high quality of life, continues to attract buyers.

However, it's worth noting that Redfin reported a 30.4% decrease in home prices in May 2023 compared to the previous year. This could be due to a variety of factors, including economic conditions, interest rates, and local market trends.

Condominiums in 2023

In contrast to the single-family home market, there were no condominium sales recorded in Hillsborough in 2023. This could be due to a lower supply of condominiums in the area, or a preference among buyers for single-family homes.

The lack of condominium sales could also reflect a trend towards more spacious living arrangements, possibly driven by the ongoing impact of the COVID-19 pandemic and the shift towards remote work, which has increased the demand for larger, more flexible living spaces.

Underlying Trends

Based on local media reports, the Hillsborough real estate market has shown resilience in 2023 despite some fluctuations in prices. The demand for single-family homes remains strong, while the condominium market is quieter, possibly due to the reasons outlined above.

The overall trend suggests a preference for spacious, single-family homes, which offer the flexibility needed in the current climate. As more people work from home, the need for additional space for home offices, gyms, and outdoor living areas has become increasingly important.

The Hillsborough real estate market has demonstrated its strength and resilience in 2023, with a robust market for single-family homes and a quieter condominium market. These trends reflect the changing needs and preferences of homebuyers in the wake of the pandemic, with a clear shift towards larger, more flexible living spaces.

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