Through 2014, the average price per square foot of a home in Redwood City was $693. In 2017, that number had ballooned to $959. Year-to-date in 2018, it sits at $975, and it would only require 2.5% growth through the rest of the year to bring that average to $1,000. As we get closer to this remarkable milestone in Redwood City real estate, I am reminded reminded of how we got here in the first place. With persistently tight inventory and an abundance of buyers, it is standard for homes to close after just one weekend of open houses, with multiple offers coming in well over the asking price. Just this past week, 10 sales closed in an average of just 10 days on the market, and $150,000+ over their asking price. Though just a small sample size, it's the perfect snapshot to demonstrate how price per square foot for a home in RWC could grow nearly 45% in just 4 years time.
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