Serene town. Rural feel. Family destination.
Belmont is a wonderful, serene town with a rural feel and a destination for families. Most of the streets do not have sidewalks, and since much of the town is built amidst the hills, many homes offer extraordinary views of the peninsula. Belmont boasts four parks, and is mostly made up of homes and retail stores. The town’s heritage harks back to William Ralston, the founder of the Bank of California and builder of the Palace Hotel in San Francisco, who built his masterful summer residence, Ralston Hall, at the current site of Notre Dame University.
Ralston was offered to have the town of Modesto named after him, but at a Spanish ceremony he declined, and a Spanish lady dubbed him muy modesto, or very modest, and that is how the town got its name. To see a high resolution map of the image above, click here.
1.6m - 3.5m+
Median Sale Price
Average Sale Price
Pricing data based on single-family homes
- Hiking trails
- Verdant, hilly setting; great hiking and outdoor space at Hidden Canyon and Water Dog Lake
- A variety of homes
- Belmont draws those who value privacy, windy streets, verdant streets without sidewalks, and views
- Easy access
- Positioned between highways 101 and 280 commute corridors and has a downtown CalTrain station
- Top schools
- Highly-rated public schools
Stats & Trends
Belmont completed 2022 with an average home price of $2.475 million, an increase of 7% from 2021, and a median value of $2.42 million, up 8% from the end of 2021. This data, however, tells an incomplete story of a city where the average sale price almost reached $3 million in May and finished December under $2 million. Like every Peninsula city, Belmont roared through the first half of 2022, posting double-digit price increases — including 30%-plus growth in January, March and May — until June, when more modest, single-digit increases became the norm. Then, starting in October, Belmont real estate began losing ground, with prices down 30%-plus for November and December. So far in 2023, the market has continued to tilt toward the buyer as prices continue to trail 2021 and 2022’s strong numbers.
2023 YTD Average
2023 YTD Median
2022 HOME SALES BY PRICE RANGE
Belmont homebuyers continued their march toward the higher end in 2022, with homes priced above $2.5 million adding almost 15% to their market share. Breaking it down further we see that homes priced between $3 and $4 million increased their share by a third, from 12.1% in 2021 to 18.2% in 2022. Homes in the $2.5 to $3 million range increased their share from 17.5% to 25.3% while the lower end of Belmont pricing — homes sold for between $1 and $2 million — lost roughly 20% of its market share in 2022, from 32% to 24.7%. With prices currently dropping, it will be interesting to see how this category rounds out in 2023.
|Beds Bedrooms||1M - 1.5M||1.5M - 2M||2M - 2.5M||2.5M - 3M||Over 3M|
2022 HOME SALES BY PRICE RANGE for single-family homes in Belmont
1M - 1.5M
1.5M - 2M
2M - 2.5M
2.5M - 3M
Sale Price to List Price Ratio
Belmont finished 2022 with a sale price to list price ratio of 111.8%, impressive but still 2% lower than 2021’s 113.7%, and more reflective of early-year market activity than trends coming later in 2022. During the first quarter of the year, homes routinely sold for 120%-plus of their asking price — the average ratio in January, February, March (125.4%, high-water mark for the year) and April — and then eased back to earth before settling around 100% during the second half of 2022. Homes sold for an average of 97.2% of their asking price, the lowest data recorded for the year, in December, and seem to be following that standard so far in 2023.
Number of Home Sales
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