Burlingame Real Estate Market Prices, Trends and Forecast 2024

A look at the Burlingame real estate market ahead of the 2024 summer sales season.

Thirty minutes south of San Francisco, in the heart of the San Francisco Peninsula, Burlingame is a vibrant and picturesque town known for its upscale living, top-notch schools, and charming downtown area. Often referred to as the "City of Trees'' due to its nearly 20,000 planted trees throughout the city, Burlingame offers a blend of suburban tranquility and urban convenience. Families are drawn to its excellent educational institutions and ample outdoor spaces, while professionals and empty nesters appreciate the relaxed atmosphere and proximity to bustling urban centers.

Burlingame's history as a retreat for San Francisco's elite has evolved into a thriving, community-focused environment. Its strategic location is easily accessible from Silicon Valley or San Francisco, making it ideal for those seeking connectivity and convenience. The town's dynamic downtown area, with its array of retail and dining set along tree-lined streets, enhances the community's appeal.

Additionally, the proximity to major transportation hubs, including San Francisco International Airport, and its role as bridge between the peninsula's urban north and the tech-centered suburban south, the latter of which is 20 minutes to the southwest, underscores Burlingame's attractiveness for both residents and businesses.

Burlingame Real Estate Market

Despite its proximity to urban San Francisco and the sprawling suburbs of Silicon Valley, Burlingame maintains a serene, neighborhood-centric charm that is highly sought after in the luxury home market. There is a distinctive, all things to all people vibe here, with a diverse array of high-end properties, ranging from three to five-bedroom homes, with prices spanning from $1.5 million to $7 million.

The choice of neighborhoods is equally impressive, with idyllic hillside communities such as Mills Estates, which features a handful of homes by famed architect Joseph Eichler, affordable luxury near the shores of San Francisco Bay in Burlingables and Lyon Hoag, and stunning, Mediterranean-style homes in sought after Easton Addition.

Burlingame's luxury real estate market is characterized by its competitive nature, with homes selling quickly and often above asking prices. This trend reflects the town's ongoing appeal to affluent buyers drawn to its combination of upscale living, excellent schools, and convenient location. The high demand for luxury properties underscores Burlingame's status as a premier residential destination on the peninsula, attracting buyers who seek a harmonious blend of suburban serenity and metropolitan proximity.

Current Market Prices and Trends

The Burlingame real estate market has remained relatively steady over the past year, reflecting broader regional trends. Despite a slight dip in median sales prices from $2.91 million in April 2023 to $2.65 million in April 2024, there's strong demand for homes at numerous price points. The number of homes sold increased from 10 in April 2023 to 13 in April 2024, a 30% year-over-year increase, indicating sustained buyer interest.

The pace at which homes are selling has also intensified, with the average days on the market dropping dramatically from 32 days in April 2023 to just 15 days in April 2024. This rapid turnover signifies a highly competitive market where homes sell quickly and often above their asking prices. The sale-to-list ratio rose from 97% in April 2023 to 105% in April 2024, highlighting the confidence in Burlingame real estate and the ongoing demand for homes.

Despite the recent increase in mortgage rates, rising from 6.43% in April 2023 to 7.22% in April 2024 for a 30-year fixed-rate mortgage, Burlingame's real estate market has shown resilience. The slight decrease in median sales prices may indicate broader economic conditions but does not necessarily reflect a long-term trend. The increased number of homes sold and the reduced average days on the market indicate the market's long-term health.

Burlingame Forecast for 2024

Expect Burlingame's real estate market to remain active and competitive. The steady increase in home sales and the reduced average days on the market suggest consistent, ongoing demand. As mortgage rates stabilize or potentially decrease, Burlingame may attract even more buyers eager to take advantage of favorable borrowing. However, it will increase competition for homes, particularly those in the most desirable neighborhoods.

The town's prime location, excellent educational institutions, and high quality lifestyle will continue to draw affluent buyers seeking a suburban sanctuary with easy access to San Francisco and Silicon Valley. Even in downturns, Burlingame remains a viable, sought-after place to live.

Sellers in Burlingame can anticipate strong interest and quick sales, while buyers should prepare for a fast-paced market with premium prices. Stay updated with market trends and collaborate with seasoned real estate professionals to navigate this dynamic market successfully. In conclusion, Burlingame's real estate market remains robust and competitive, offering ample opportunities for buyers and sellers in 2024.

Ready to Learn More about the Burlingame Real Estate Market?

Burlingame's blend of peaceful residential areas, access to a cosmopolitan lifestyle, proximity to many of the world's most notable tech companies, and a strong, resilient real estate market make it a premier location for those looking to buy or sell luxury residences.

Whether you are seeking additional insight into current homes for sale or are ready to list a luxury property, contact The Palermo Properties Team today and allow our experience and expertise to help you navigate the Burlingame luxury real estate market.

*Header image Courtesy of The Palermo Properties Team

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