San Mateo County second wealthiest in state


“This year’s growth is a testament to our county’s continuing economic vitality,” Church said in the release. 

In 2024, 3.3 million square feet of new construction was completed, reflecting the county’s demand for new housing and commercial development, particularly in the life sciences, according to the press release. 

“San Mateo County’s steady growth reflects its ability to thrive even with market volatility and reinforces its importance to the regional economy,” Church said. 

Although the assessment roll did grow, its growth rate was slightly below year’s past due to high interest rates, inflationary pressures and economic uncertainty, according to the press release. The 4.8% growth rate was slightly below the 5.75% of 2023, and the peak of 8.3% in 2022. 

High interest loan rates particularly affected first-time and mid-level single-family homebuyers, according to the press release. 

The median sale price for a single family home in the county rose by 8% to $1,950,000 in 2024. The high cost of living and shortages in inventory limited transaction volume, according to the press release. Still, there was a light uptick in the amount of single-family homes sold than in 2023. Sale rates remain lower than peaks reached in 2021. 

Office spaces saw an elevated vacancy level, rising to 21.4%, the press release said. 

Over 4 million square feet of life science spaces were completed or under construction in 2024, with “notable activity in South San Francisco, Millbrae, Burlingame and San Carlos,” according to the press release. 

“San Mateo County’s leadership in life sciences continues to attract global capital and talent, driving our Assessment Roll and economic future,” Church said. 

The top five cities by percentage growth in assessed value were Millbrae: 7.19%; Burlingame: 6.90%; Brisbane: 6.82%; Atherton: 6.49% and Woodside: 6.40%. The top five cities by dollar growth in assessed value were South San Francisco: $1.67 billion; Redwood City: $1.52 billion; San Mateo: $1.33 billion; Burlingame: $1.22 billion; and Menlo Park: $1.15 billion.

Over 15 million square feet of construction will be completed within the next five years, according to the press release. Life science represents 30.43% of the county’s development pipeline, which is a bulk of the 56.24% in commercial, with 20.7% dedicated to housing.

The county’s increased assessment roll is the 15th consecutive year of growth, Church said. All cities and unincorporated areas of the county saw increases in assessed value. The highest growth rates in cities include Millbrae at 7.19%, Burlingame at 6.9%, Brisbane at 6.82%, Atherton at 6.49% and Woodside at 6.4%. 

“This is an extraordinary achievement that speaks to the county’s strong economic fundamentals making it a desired place to live, work and invest,” Church said.

Note for readers: This article was updated to accurately reflect that the elevated vacancy rate of 21.4% was in regards to the office sector, not multifamily residences.