Cupertino has been a hot ticket item for a long while. With plenty of business, major employers like Apple, great public education and parks, it’s no surprise this is a highly desirable place to call home. Both the single family and condo markets have been hot for years, but recently we’ve seen a big cool down here and throughout the valley.
Cupertino Single Family Housing Market
For an average sized home in Cupertino, expect to pay no less than $2,000,000, and very likely more than $2.5 million – a high price for a popular community. Like much of the county, prices have dipped in recent months with home values about equal to a year ago.
Read the full RE Report with more information through the link.
Trends at a Glance
| Trends At a Glance | Dec 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,400,000 (-17.2%) | $2,900,000 | $3,176,000 (-24.4%) |
| Average Price | $2,507,220 (-19.0%) | $3,095,450 | $3,226,470 (-22.3%) |
| No. of Sales | 9 (-30.8%) | 13 | 19 (-52.6%) |
| Pending | 26 (-10.3%) | 29 | 23 (+13.0%) |
| Active | 15 (-37.5%) | 24 | 8 (+87.5%) |
| Sale vs. List Price | 102.2% (+0.1%) | 102.1% | 118.3% (-13.7%) |
| Days on Market | 31 (+121.8%) | 14 | 12 (+164.8%) |
| Days of Inventory | 50 (-6.6%) | 54 | 13 (+295.8%) |
Cupertino Condominium Market
The Cupertino condo market softened considerably in the second half of 2022, making this a good time to buy and townhouse or condominium there.
Read more in the full RE Report through the link.
Trends at a Glance
| Trends At a Glance | Dec 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,150,000 (+15.0%) | $1,000,000 | $1,340,000 (-14.2%) |
| Average Price | $1,150,000 (+7.3%) | $1,072,000 | $1,409,350 (-18.4%) |
| No. of Sales | 2 (-60.0%) | 5 | 11 (-81.8%) |
| Pending | 6 (-14.3%) | 7 | 14 (-57.1%) |
| Active | 4 (-20.0%) | 5 | 2 (+100.0%) |
| Sale vs. List Price | 104.6% (+10.6%) | 94.6% | 106.1% (-1.4%) |
| Days on Market | 22 (-54.2%) | 48 | 28 (-22.2%) |
| Days of Inventory | 60 (+106.9%) | 29 | 5 (+1,000.0%) |
Altos Research Cupertino Market by Pricing Quartiles
The chart below shows market trends for Cupertino single family homes divided into four pricing tiers. Looking at it in quartiles shows not only the average cost of properties, but also the differing trends. Here you can see that the luxury sector has harsher high and low points while the lowest price point is more stable.
The average day on market trends can be affected by a small pool of outlier properties, but more often shows where there is the greatest or least demand and the largest or smallest available inventory. For example, generally fewer luxury homes go on the market and take longer to sell because demand is lower, so usually this is slower than most other price points.
If you’ve found this information helpful and you are interested in buying or selling a house in Cupertino or around Silicon Valley, I would love to hear from you! Feel free to check out more of my posts on housing markets and neighborhoods around the South Bay, as well as tips for buyers and sellers on my other blogs as well: Valley of Heart’s Delight and Live in Los Gatos. Let’s arrange a time to chat by phone, and if it seems like we might be a good fit to work together, we can arrange a time to meet. (No obligation, no cost, no pressure.)
