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Redwood City , CA

Monthly Housing Development Update | May 2023

General statistics, market trends and outlook for housing development in Redwood City, CA

City Housing Update for May 2023

Current Trends:

During this past month of April, the median rental price for a single family home in Redwood City was $4,454 and median sale price for a single family home in the city was $1,554,900. There were approximately 52 homes listed for sale in the city at the end of April, compared with 52 in March. During the last month, homes sold within 10 days on the market and received 4 offers per sale on average.

City Housing Supply:

As of the end of 2017, the total count of existing housing units in the city was 30,693. Single family housing units make up the majority 58.98% of Redwood City's housing units, 18,103 units total. Multifamily units make up 38 percent, or approximately 11,958. As of last year, the average housing density (people per household) was 2.82, compared with the state average of 2.97. At the end of the period, about 632 of housing units in the city were unoccupied, suggesting a vacancy rate of 0 percent.

Regulations & Outlook:

The City has finalized updates to it's residential zoning code that fully comply with State Laws SB 1069 and AB 2299 which allow for Accessory Dwelling Units (ADUs) to be developed on most single family lots. More commonly referred to as “Granny Flats” and “In-Law Units”, in Redwood City as many as 10,680 homes may now be eligible to add some form of second dwelling unit. These laws are intended by The State to boost opportunities for housing production in cities in an effort to address the growing housing deficits local communities face accross The State. Typically secondary units are constructed by homeowners in backyards, converted garages and basements of single family residences. These new regulations could now allow individual homeowners to play a significant role to increase housing production in Redwood City over the coming years. Consider for example, if just one percent of eligible homeowners in Redwood City built an ADU each year, it would contribute an additional 534 units to the city's housing stock over the next five years and create hundreds of new local construction jobs.

Local News & Policy:

The city's latest residential zoning requirements for ADUs can be found on the Redwood City City Page using the link or search bar at the bottom of this report. Recently More information on the latest local policies and requirements for ADUs will be available as they are passed. Check back each month for the latest changes in Redwood City.

Get Involved:

For homeowners and local developers who are interested in getting involved in the ADU movement locally in Redwood City, use Housable to get insights about the ADU housing development potential of specific properties. Housable provides zoning, permitting, estimation and design tools, many of them free of charge, to help homeowners at any step plan, permit and build their ADU projects. Use property design and calculation tools any time, get low cost insights about the ADU potetnial of your property and connect with local professionals who can help with the process when you're ready to get started. Stay up to date with the latest local trends in housing production and join the ADU movement to create more housing in Redwood City, one garage, basement, or backyard at a time.

Exerpts From City Housing Reports

Current Market Stats May 2023

Median Sales Price $1,554,900.00

Median Rental Price $4,454.00 Based on 840 sqft unit

Total Homes on Market 52

Average Days on Market 10

Average Offers per Sale 4

City Housing Stock 2017

Total Housing Units 30693

Single-Family Units 18103

Other Type Units 632

Unit Vacancy Rate 0.0206

Annual Units Produced (2017) 32

Go to Redwood City ADU Zoning Page

We have our final inspection TODAY and do expect it will go well. We’ve been lucky to have a nice inspector. I’ll send you more pics this weekend!

Fiona K. in Bell Canyon, CA

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Monica H. in Oakland, CA

City & State Housing News

Redwood City, CA Redwood City officials taking aim at regulating Airbnb amid growth 18/11/2017

Redwood City, CA Redwood City wants to see more secondary units built on lots ... 30/06/2014

Go to Redwood City ADU Zoning Page

... Or find another city in CA