How’s the Silicon Valley real estate market? Because the Silicon Valley region is so large – comprising of all of Santa Clara County, much of San Mateo County, and a little of Alameda County and Santa Cruz County – the real estate market is really quite different from one area to the next.
In general, the Silicon Valley real estate market is has been heating up. Some quick points:
- Prices are rising, month over month, but are still lower than they were a year ago. These stats are from our RE Report.
- In Santa Clara County, the average sale price in April was up 3.3% over March but down 8.9% from April 2022. The gap between this year’s prices and last year’s is shrinking with each passing month.
- In the City of San Jose (about half the county), the average sale price in April was up 4.2% month over month but down 13.4% compared to April 2022.
- Home prices started falling in May / June of 2022, and fell steeply for several months before more or less bottoming out in the last quarter of 2022.
- The Spring market heated up a little later than typical this year, perhaps in part due to the huge amount of rain, but possibly also as a result of interest rate hikes, layoffs, and bank closures.
On a county level, San Mateo is usually the hottest with the most expensive real estate that sells in the shortest time with the most overbids. Santa Cruz County is calmer. Here are some Silicon Valley real estate stats, grouped by county with data on a per city basis.
Santa Clara County, the heart of the Silicon Valley real estate market
Santa Clara county is the heart of Silicon Valley (San Jose claims to be its capital) and a little calmer but still a nightmare for people coming from other parts of the country. That same house will sell with multiple offers, go fast and go for more than list price, but all the numbers will be a little softer than San Mateo County
Within Santa Clara County, the areas with the best schools, shortest commutes, or both without being solely “luxury homes” tend to be the most in demand. These most competitive areas include:
San Mateo County
Some of the most expensive Silicon Valley real estate can be found in San Mateo County, which enjoys a closer proximity to San Francisco, cooler and breezier weather than the South Bay, and also beach access at and near Half Moon Bay. The prices are steeper, generally, than Santa Clara County.
Santa Cruz County
Santa Cruz County is a bargain by comparison! It is 10-20% less expensive than Santa Clara County, homes are selling closer to list price and you can breath before signing the contract. Just don’t take too long – homes there are still not waiting around if they are well priced, staged, and marketed.
Below, please find a link to our Real Estate Report which covers the real estate market all three counties (sorry, Alameda is not part of our MLS system, so it will not be discussed much in this site). You can navigate from one to the next very easily – just select a different county. You can also check the condo and townhouse sites by clicking on CHANGE near the top.
Please contact us for specific information on Silicon Valley real estate – your home or the one you want to buy! Remember, the realty market is comprised of many, many “micro markets” and your home’s price point, school district, or any number of things could make it a little different – or even a lot different – from the broad numbers shared here.
Not ready to connect in person yet? Clair and I have many articles on the Silicon Valley real estate market, particularly in Santa Clara County. In the case of San Jose, Clair writes about that each month, and we also cover the many of San Jose’s districts. Here are a few links to get you started:
Santa Clara County real estate market (updated monthly)
San Jose real estate market analysis (updated monthly)
And search at that site for market conditions in Almaden, Willow Glen, Evergreen, Cambrian, etc. Nearly every market post is updated on a monthly basis.