Situated in the heart of the vibrant San Francisco Peninsula, Burlingame’s real estate market is a fascinating microcosm of the broader Bay Area. Burlingame is an ideal location for those looking for a balance between suburban and city lifestyle and access to Northern California’s beautiful scenery, from the coast to the mountains. As residents and investors navigate the evolving landscape, many factors influence housing choices and opportunities in this highly sought-after community.
In this blog, we delve into the latest trends, examining the interplay between supply and demand, changing demographics' impact, and innovative housing solutions' emergence. Read below as we uncover the key factors that define Burlingame’s housing market and gain insights into the forces shaping its future.
Burlingame housing trends in 2023
Housing trends for Burlingame slightly favored a seller’s market in May 2023, characterized by a high demand for homes and limited inventory. With 45 active home listings and only four new homes for sale, the supply of available properties remains relatively low. This scarcity of homes creates a competitive environment where buyers often face multiple offers and must act swiftly to secure the property of their choice.
The median home price was recorded at $2,650,000 in May 2023. This figure shows a slight decrease compared to the median list price of $2,980,000 in 2022, indicating a potential stabilization or adjustment in pricing. However, it’s important to note that the median price remains high, reflecting the desirability and upscale nature of the Burlingame real estate market.
Another significant trend is the decreased time it takes for homes to sell. The average time it takes homes to sell has significantly decreased from 32 days in 2022 to 13 days in 2023. This shortened time frame underscores the strong demand and competitiveness among buyers as they eagerly contend for homes.
In terms of sales volume, 25 homes were sold in May 2023, which represents a slight decrease from the 39 homes sold during the same period last year. However, it’s worth noting that the sales volume remains relatively high, indicating continued market activity and a consistent level of interest in Burlingame.
While the market is slightly down in Burlingame, the forecast points towards a seller’s market with limited inventory, high demand for homes, and a shortened time frame on the market. As the median home prices stabilize and sales volume remains relatively strong, the forecast suggests that the housing market in Burlingame continues to be sought-after and competitive, making it a favorable time for both buyers and sellers.
The median home price was recorded at $2,650,000 in May 2023. This figure shows a slight decrease compared to the median list price of $2,980,000 in 2022, indicating a potential stabilization or adjustment in pricing. However, it’s important to note that the median price remains high, reflecting the desirability and upscale nature of the Burlingame real estate market.
Another significant trend is the decreased time it takes for homes to sell. The average time it takes homes to sell has significantly decreased from 32 days in 2022 to 13 days in 2023. This shortened time frame underscores the strong demand and competitiveness among buyers as they eagerly contend for homes.
In terms of sales volume, 25 homes were sold in May 2023, which represents a slight decrease from the 39 homes sold during the same period last year. However, it’s worth noting that the sales volume remains relatively high, indicating continued market activity and a consistent level of interest in Burlingame.
While the market is slightly down in Burlingame, the forecast points towards a seller’s market with limited inventory, high demand for homes, and a shortened time frame on the market. As the median home prices stabilize and sales volume remains relatively strong, the forecast suggests that the housing market in Burlingame continues to be sought-after and competitive, making it a favorable time for both buyers and sellers.
New regulations
With high competition for housing in Burlingame, the area is finalizing new zoning codes to comply with State Laws SB 1069 and AB 2299, which allow for the creation or expansion of Accessory Dwelling Units (ADUs, Granny Flats, or In-Laws Units) on most single-family lots.
These laws have the potential to make 4,056 homes eligible for the addition of a second dwelling unit. By encouraging homeowners to take part in increasing housing production, these regulations aim to address the housing deficits faced in communities across California.
ADUs can be constructed in many forms, including converted garages, backyards, and basements, allowing homeowners to contribute to Burlingame’s housing stock. Even if just one percent of eligible homeowners participate, it could result in an addition of 202 units over the next five years while also creating local construction jobs and boosting the city’s growth.
These laws have the potential to make 4,056 homes eligible for the addition of a second dwelling unit. By encouraging homeowners to take part in increasing housing production, these regulations aim to address the housing deficits faced in communities across California.
ADUs can be constructed in many forms, including converted garages, backyards, and basements, allowing homeowners to contribute to Burlingame’s housing stock. Even if just one percent of eligible homeowners participate, it could result in an addition of 202 units over the next five years while also creating local construction jobs and boosting the city’s growth.
Burlingame rental trends
The cost of renting a place in Burlingame varies based on factors such as the type of building, its size, location, and overall quality. Apartments in Burlingame average a monthly rent of $2,946 and an average size of 791 square feet.
Most rental prices in Burlingame exceed $2,000 per month, accounting for the majority of available options. Only 5% of rentals are between $1,501 to $2,000 and 1% between $1,001 and $1,500.
In terms of occupancy, 47% of houses are occupied by renters, while the remaining 53% are occupied by the owners. This high percentage of renters in a desirable area suggests opportunities for investors looking for a viable income stream from rental properties.
Most rental prices in Burlingame exceed $2,000 per month, accounting for the majority of available options. Only 5% of rentals are between $1,501 to $2,000 and 1% between $1,001 and $1,500.
In terms of occupancy, 47% of houses are occupied by renters, while the remaining 53% are occupied by the owners. This high percentage of renters in a desirable area suggests opportunities for investors looking for a viable income stream from rental properties.
Burlingame real estate market: should you invest?
Burlingame is renowned as an upscale area with a limited number of affordable housing options. However, the California government has recognized this disparity, and it has taken action by implementing laws and incentives to encourage investors, developers, and residents to address the need for affordable housing in the city.
The Burlingame Housing Element presents a unique opportunity for both investors and the local community. This initiative outlines and defines the community’s housing goals and policies from 2023-2031. While there may be a possibility of a slight market adjustment in the short term, the long-term prospects for investment in Burlingame are promising.
The combination of desirable living conditions, location near San Francisco, and the implementation of the housing element creates an attractive landscape for investors. Investors can capitalize on profits by leveraging reduced government control, exploring new building opportunities, and undertaking renovation projects, all while addressing the community's housing needs.
It’s important to note the process of increasing investment opportunities combined with affordable housing may take time and involve various stakeholders, so you should always consult with an experienced professional like Carmen Miranda to ensure you have the most up-to-date information and someone advocating for your interests.
The Burlingame Housing Element presents a unique opportunity for both investors and the local community. This initiative outlines and defines the community’s housing goals and policies from 2023-2031. While there may be a possibility of a slight market adjustment in the short term, the long-term prospects for investment in Burlingame are promising.
The combination of desirable living conditions, location near San Francisco, and the implementation of the housing element creates an attractive landscape for investors. Investors can capitalize on profits by leveraging reduced government control, exploring new building opportunities, and undertaking renovation projects, all while addressing the community's housing needs.
It’s important to note the process of increasing investment opportunities combined with affordable housing may take time and involve various stakeholders, so you should always consult with an experienced professional like Carmen Miranda to ensure you have the most up-to-date information and someone advocating for your interests.
Recommended reading: How to Buy a Luxury Home in Burlingame
Investing with Carmen Miranda
In today’s highly competitive housing market, having a knowledgeable guide by your side is crucial. With over three decades of experience assisting buyers and sellers in the Bay Area, Carmen is a seasoned professional who gauges her success through satisfying her clients.
Purchasing real estate stands as one of the most significant investments individuals will undertake in their lives. Carmen’s objective is to align with your goals throughout the process. If you are prepared to take this important step or want to learn more, contact Carmen today.
Purchasing real estate stands as one of the most significant investments individuals will undertake in their lives. Carmen’s objective is to align with your goals throughout the process. If you are prepared to take this important step or want to learn more, contact Carmen today.
*Header photo courtesy of Shutterstock
