3-digit ZIP regional index
Home appreciation in ZIP codes 944xxSan Mateo, CA area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 944 changed +4.2% over the year to Q2 2026, compared with +0.9% for California and +3.0% for the United States.
The region covers ZIP codes 94401–94404. Most of its 2010 population lived in San Mateo County (100%). Communities in the region include Foster City, Highlands-Baywood Park. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +4.2%
- 5-year change
- +29.6%
- Since Q1 1995
- +395%
- National rank (1 year)
- 357th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 944 vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 944: 494.7
- California: 488.5
- San Francisco-San Mateo-Redwood City, CA metro: 506.5
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 944 | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.2% | +0.9% | +3.0% | +3.3 pts | +1.2 pts |
| 3 years | +9.7% | +7.7% | +12.9% | +2.0 pts | −3.2 pts |
| 5 years | +29.6% | +28.1% | +41.3% | +1.5 pts | −11.7 pts |
| 10 years | +27.4% | +76.2% | +93.3% | −48.8 pts | −65.9 pts |
| Since Q1 1995 | +395% | +388% | +292% | +6.2 pts | +103.1 pts |
If you bought in ZIP3 944 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +386% | $1,458,170 |
| Q2 2000 | +184% | $850,906 |
| Q2 2005 | +82.5% | $547,614 |
| Q2 2010 | +102% | $607,218 |
| Q2 2015 | +39.8% | $419,357 |
| Q2 2020 | +25.9% | $377,603 |
| Q2 2021 | +29.6% | $388,894 |
| Q2 2023 | +9.7% | $329,006 |
| Q2 2025 | +4.2% | $312,614 |
How ZIP3 944 ranks
Over the past year ZIP3 944 ranks 357th of 882 3-digit ZIP regions nationally and 8th of 57 in California. Its one-year change is +1.2 pts versus the nation and +3.3 pts versus California. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in California |
|---|---|---|
| 1 year | 357th of 882 | 8th of 57 |
| 3 years | 728th of 882 | 26th of 57 |
| 5 years | 795th of 882 | 33rd of 57 |
| 10 years | 880th of 882 | 56th of 57 |
| Since Q1 1995 | 82nd of 879 | 32nd of 57 |
Boom, bust, and recovery in ZIP3 944
ZIP3 944's index peaked in Q3 2007, fell 19.2% to its low in Q1 2012, and regained its peak in Q1 2014, about 6.5 years after the top. Today it sits +67.7% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 944 | Q3 2007 | Q1 2012 | -19.2% | Q1 2014 (6.5 yrs) | +67.7% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| Metro | Q3 2006 | Q2 2011 | -23.1% | Q2 2014 (7.8 yrs) | +62.8% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 944's index has changed +123% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 944 after inflation | CA after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | +0.3% | -2.9% | -4.0% | -0.8% |
| 3 years | +9.8% | -0.1% | -1.9% | -5.8% | +2.8% |
| 5 years | +24.0% | +4.5% | +3.3% | -5.3% | +13.9% |
| 10 years | +39.1% | -8.4% | +26.7% | -5.4% | +39.0% |
| Since Q1 1995 | +121% | +123% | +121% | +129% | +76.8% |
Estimate appreciation for a home in ZIP3 944
Regional estimate
$382,272
- Estimated gain
- $82,272
- Index change
- +27.42%
- Start index
- 388.20
- End index
- 494.66
ZIP3 944 (San Mateo, CA area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 940 · Sunnyvale, CA area | CA | +0.6% | +20.8% | +392% |
| 943 · Palo Alto, CA area | CA | -1.4% | +29.7% | +471% |
| 941 · San Francisco, CA area | CA | +0.9% | +13.3% | +418% |
| 946 · Oakland, CA area | CA | +2.6% | +1.4% | +420% |
| 947 · Berkeley, CA area | CA | +4.7% | +22.2% | +457% |
| 945 · Fremont, CA area | CA | +0.8% | +17.0% | +362% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 494.66 |
| Q1 2026 | 489.51 |
| Q4 2025 | 488.03 |
| Q3 2025 | 491.74 |
| Q2 2025 | 474.70 |
| Q1 2025 | 404.73 |
| Q4 2024 | 477.12 |
| Q3 2024 | 563.37 |
| Q2 2024 | 500.89 |
| Q1 2024 | 447.33 |
| Q4 2023 | 485.35 |
| Q3 2023 | 550.81 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 944?
- Based on FHFA HPI® data for 3-digit ZIP region 944, the regional index changed +4.2% over the year to Q2 2026, +29.6% over five years, +27.4% over ten years, and +395% since Q1 1995.
- Is ZIP3 944 appreciating faster than California and the U.S.?
- Over the past year the region's index +4.2% compares with +0.9% for California and +3.0% for the U.S., a gap of +1.2 pts versus the nation. Over five years the gap versus the nation is −11.7 pts.
- Which ZIP codes are in 3-digit ZIP region 944?
- All ZIP codes that begin with 944. Census 2010 ZIP Code Tabulation Areas in this region run from 94401 to 94404 (4 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.