Updated October 2020
Home prices are on-track to set a new all-time high, even with a pandemic during seven of the last nine months. The following charts show the averages for single family residences across 12 Silicon Valley cities from Menlo Park to Los Gatos. Click on “Our Homes” to view the individual cities.
The median price continues its nine year run. Last year was the first “down” market since the 2008-09 financial crisis. The median price has risen 6% per year since 2003 (CAGR).
Annual appreciation rates are close to normal. This year is seeing an 8% increase in the median price, which is not bad at all. A lot better than one earns on interest.
Market demand remains strong. Homes are selling quickly with average days on market continuing at historic rates.
Final sales prices continue to exceed list price. While low by 2013-15 and 2017-18 standards, this year is showing a strong up-tick from the prior year.
The increase in the annual median price does vary by city. Sunnyvale is posting the largest gain of 11%. Palo Alto and Los Altos are showing slight declines, most likely due to them having the highest priced homes.
The supply of New Listings has returned to levels consistent with prior years, even after a strong dip during April-May. Sellers held back until they saw strong market demand, which did recover quickly.
As is painfully obvious, 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: Blossom Hill area in south San Jose and east San Jose. Go to the specific city to see the distribution of prices by size of home (e.g., number of bedrooms and $/SQFT).
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 also more expensive 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.
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).
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.
This website and market analysis is provided by Bryan and Susan Sweeley, Broker Associates with Compass.
Bryan Sweeley, MBA
Compass, Broker Associate, DRE# 01877044
Susan Sweeley, MBA
Compass, Broker Associate, DRE# 01255460
More information or help…
Please feel free to email or call anytime with any question or request. We are always available to help you and your friends.