Silicon Valley Real Estate
December 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.
Home values across Silicon Valley rose by 12% during 2024. This follows a dip in 2023, but is still 8% higher that the previous peak in 2022. That’s an average appreciation rate of 5.8% since 2000, which includes a global financial crisis and pandemic. This is a lot better than most investments.
Market demand continues to be at historically high levels. Homes to sell quickly, even compared to our previous “hot” market. The average final sale price is over list and has returned to historically high levels. 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 appears to be rebounding with a 16% increase during 2024. However, it is 16% lower than 2014-19. Sellers are delaying selling their homes in response to the high interest rates. I expect this pent-up supply of listings will return as interest rates decline.
The rate of appreciation in 2024 is very strong from a historical perspective. The average over the 24 years shown above is 5.8%. A solid investment compared to the typical stock/bond investment portfolio, especially when you include the $250k-$500k capital gain exclusion.
Appreciation has been strong across most of the individual cities. Not why Menlo Park and Mountain View are lagging, but expect them to rebound in the coming year.
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: [email protected]
Web: bryansweeley.com