Since about 2022, Santa Clara County house prices have grown faster than San Mateo County house prices. When looking at individual cities, it seems that the closer a city is to San Francisco, the more likely it is to have slower price growth. The records the California Economic Development Department provides give some insight.
Employment – Jan 2010: 435,900 – Jan 2020: 569,500 – Dec 2024: 532,800
The 2024 level is 94% of 2020 and 122% of 2010.
Employment – Jan 2010: 354,700 – Jan 2020: 451,600- Dec 2024: 422,200
The 2024 level is 93% of 2020 and 119% of 2010.
Employment – Jan 2010: 816,500 – Jan 2020: 1,023,300 – Dec 2024: 990,300
The 2024 level is 97% of 2020 and 121% of 2010.
With very few new houses having been built, it seems likely that the stronger employment situation in Santa Clara County would result in greater house price increases.
Santa Clara County house prices (per sq.ft.) have grown faster and have caught up with San Mateo County house prices by the end of 2024.
After 2019, Santa Clara County condo prices have grown slightly, while San Mateo County condo prices have fallen slightly.
Employment growth is a significant factor in Silicon Valley house price growth, but there are additional factors as shown by the disparity between house and condo price growth.