Published November 1, 2026 in Market Update

Redwood City is moving fast, even with rates above 7%

By Spencer Hsu

Real estate, Fremont-Redwood City

Rates topped 7%. That is the headline everyone saw. Realtor.com reported that mortgage rates crossed 7% for the first time since January 2025. CNBC put the average 30-year fixed rate at 7.37% in late October. Those numbers are real, and they matter.

But here is what I keep thinking about. In ZIP 94061, the Real Estate Data Aggregator counted 90 homes sold in the three months ending August 31, 2026. The median sale price came in at $2,021,500, up 7.4% from the same months a year before. Homes spent a median of just 13 days on the market. And 61.1% of them sold above list price. Buyers are still showing up, and they are still competing.

That 13-day median is 7 days shorter than the same period in 2025, according to the Real Estate Data Aggregator. More listings came to market too. New listings in 94061 rose 32% year over year. Yet the pace did not slow. Pending sales were up 22.9%. Supply sat at just 1.4 months. That is a thin cushion for buyers.

Redwood City ZIP by ZIP

Not every corner of Redwood City reads the same. Here is what the Real Estate Data Aggregator counted across all four ZIP codes for the three months ending August 31, 2026.

ZIP 94063 had the highest share of homes selling above list: 64.7%, up 9.1 points from a year before, per the Real Estate Data Aggregator. The sale-to-list average there was 105.9%. That means buyers paid meaningfully more than the asking price, on average. Prices dipped a little, down 2.6% year over year, but the competition for each home stayed fierce.

ZIP 94062 tells a different story at the top of the price range. The Real Estate Data Aggregator put the median sale price at $3,300,000, up 14.8% from a year before. Homes sold 17 days faster than the same period in 2025. Sales volume rose 39%. That kind of movement at that price point is worth paying attention to.

Fremont: a different rhythm

Fremont has four ZIP codes in this market, and they move differently from Redwood City. The Real Estate Data Aggregator counted results for the three months ending August 31, 2026 across all four.

Prices dipped in three of four Fremont ZIP codes compared with a year ago. ZIP 94555 saw the sharpest drop: down 9.6% to a median of $1,502,500, per the Real Estate Data Aggregator. Yet more than half the homes there still sold above list price, 54.2%, up 16 points from a year before. Lower prices did not mean less competition.

ZIP 94539 stood out in Fremont. The Real Estate Data Aggregator put the median sale price at $2,158,000, up 2% year over year. Homes sold in a median of 16 days. The sale-to-list average was 102.1%. That is the strongest price performance in Fremont this period.

What rates above 7% actually mean here

Realtor.com reported that mortgage rates topped 7% for the first time since January 2025. CNBC put the average 30-year fixed rate at 7.37% in late October 2026. Those payments are real, and they are large.

Even so, the San Francisco-Oakland-Fremont metro median home price sat at $957,475, according to Realtor.com as of September 30, 2026. And Realtor.com reported that only 13.4% of listings in this metro had price cuts. Most sellers are not blinking. Most buyers are still acting.

The Federal Housing Finance Agency reported that U.S. house prices rose 2.4% from August 2025 to August 2026, and 0.3% from July to August alone. The national trend and this local market are pointing the same direction.

One last thing. These numbers cover whole ZIP codes. One street can read very differently from the ZIP around it. If you want to know what your specific block looks like, just ask.