Silicon Valley Real Estate
January 2024
The following charts show averages for single family residences across 12 Silicon Valley cities from Menlo Park to Los Gatos. The Our Homes button above shows data for the individual cities. The data is from MLSListings the multiple listing service for Silicon Valley.
While the median price for Silicon Valley homes declined by 3% during 2023, it is still slightly higher than 2021 levels which had an unusually large 20% jump over previous levels. The 2022 level includes a very significant spike during the first two quarters that was mitigated by a decline during the last two quarters as interest rates rose and stock market values declined.
Market demand remains strong. Homes continue to sell quickly, even compared to our previous “hot” market. The average final sale price over list has declined slightly compared to previous years but is still well above list price. New listings selling within the first 14 days on market typically sell for well above the average (see charts on the city pages).
The supply of New Listings declined dramatically over the past two years. While it is a 32% drop from 2021 spike, it is still down 22% from 2014-19. Sellers are delaying selling their homes in response to the market downturn. I expect this pent-up supply of listings will return as interest rates decline.
Silicon Valley homes have appreciated an average of 6.5% per year over the past 20 years (CAGR). This includes downtimes from a global financial crisis in 2008, Covid pandemic in 2020, interest rate increases in 2018-19 and 2022-23. Investment in Silicon Valley homes has proven to provide solid returns and build home equity.
The decline in values is pretty consistent across the 12 Silicon Valley cities. Menlo Park had a spike in Q1 that fueled its increase.
Single family residences in Silicon Valley start at $1.0M. The good news is that there are a lot of homes in the $1.0M to $1.5M price range, predominately in Santa Clara, Campbell, Cambrian and Willow Glen areas of San Jose. There are homes under $1.0M outside of the 12 cities that I include in Silicon Valley: Redwood City to the north and south/east San Jose. The Our Homes pages show the distribution of prices for each city.
Condos and Townhomes start at $500K. The majority of Condos/THs are two-bedroom units with next most popular being three-bedroom units followed by one-bedroom units. Townhomes are typically more expensive as there is usually no one above or below you. End-units are at a premium as they have fewer shared common walls.
This website is dedicated to providing you with insightful and accurate information on the residential real estate market in Silicon Valley. The data is obtained directly from our local multiple listing service (MLS), which is used by virtually all Realtors in the area. This information is deemed to be accurate, however is not guaranteed.
Our Schools
Complete guide to schools, ratings and attendance boundaries. Most Silicon Valley cities have multiple school districts with individual schools with varying academic performance. Ratings are provided by GreatSchools.net along with the California Academic Performance Index (API).
Our Communities
A great overview of how Silicon Valley communities differ and their various features: restaurants, shopping, transportation and more.
The market data comes from MLSlistings the primary Multiple Listing Service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.
Bryan Sweeley, MBA
Compass, Broker Associate, DRE# 01877044
Mobile: 650-793-0355
Email: bryan.sweeley@compass.com
Web: bryansweeley.com