Real Estate Market Trends

Silicon Valley Real Estate | JLee Realty

Silicon Valley Real Estate Market Trends - Sept 30, 2024

The map below shows increases in Silicon Valley median home prices by location.

Point your cursor at the home price increase label to display the city name. Click on the growth label to jump to detailed real estate trends for that Silicon Valley city. We update over 22,000 graphs for 37 Silicon Valley cities and their neighborhoods approximately twice a month.

Map Of Silicon Valley Real Estate Median Price per Sq.Ft. Trends

The value shown on the map is the percentage change from the previous year's median price per sq.ft. to the current year's. The current year median price per sq.ft. will change as more homes are sold. The value will sometimes change dramatically early in the year. The number of closed sales is shown after the percentage change. Typically, about 30 or more sales have to close before the percentage change value begins to stabilize.

Show Zip Code Map. Alternatively visit the zip code index table to find links to the most recent real estate sales or to find links to zip code real estate trends. We update over 6,000 graphs for over 80 zip codes in Silicon Valley roughly twice a month.

Index by City to Real Estate Trends

San Mateo County And Santa Clara County Nearly Encompass Silicon Valley

Although Fremont, Newark and Union City are often considered part of Silicon Valley, the Silicon Valley real estate market trends can be seen by looking at San Mateo County and Santa Clara County.

San Mateo County - Silicon Valley Real Estate Trends

San Mateo County quarterly house price per sq.ft.
San Mateo County house sales price vs. list price

Santa Clara County - Silicon Valley Real Estate Trends

Santa Clara County quarterly house price per sq.ft.

Comparing the San Mateo County house price trends to the Santa Clara County house price trends shows how economic policies can affect areas similarly or differently. Both counties show a year-long price spike beginning in 2000 caused by the dot-com bubble. Similarly both counties show a sharp drop in prices beginning in 2008 due to the mortgage crisis. However Santa Clara County shows a noticeable bump up in 2018 due to buyers wanting to beat an expected interest rate increase while San Mateo County shows only a slight bump up followed by a fairly flat period. Again in 2021, the expected interest rate increases, coupled with fewer sellers due to the Covid pandemic, lead to a noticeable spike upwards this time for both San Mateo County and Santa Clara County.

Santa Clara County house sales price vs. list price

Most often, house sales prices in Santa Clara County exceed the asking price. This varies with the price range however.

Looking at sales price vs. list price makes changes in the real estate market very easy to see. When sales prices exceed list prices, rising prices generally follow. Homes in expensive areas may mostly sell under list price, but a downward shift in the percentage below sales price indicates falling prices will probably follow.

Table of Median Price Per Sq.Ft. For Silicon Valley Cities

A very simple and quick view of Silicon Valley real estate market trends is available in the table below. The current year's median price per sq.ft., the percent increase so far this year, and the percent increase in each of the previous two years is listed for houses sold for most Silicon Valley cities.

CityNo. SalesSq.Ft. Price2024 Change2023 Change2022 Change
Atherton 72$1,9729.4%-1.6%3.5%
Belmont 143$1,2967.9%-7.5%6.3%
Brisbane 13$91812.4%-7.2%0.5%
Burlingame 136$1,3771.6%-4.1%2.7%
Campbell 199$1,21210.1%-2.3%9.5%
Cupertino 216$1,6608.8%0.8%10.2%
Daly City 245$8427.6%-9.2%5.9%
East Palo Alto 74$800-1.3%3.4%0.4%
Foster City 84$1,1115.3%-10.3%6.8%
Fremont 772$1,10212.5%-0.1%9.1%
Hayward 547$6585.1%-4.8%5.5%
Hillsborough 81$1,3831.9%-6.9%6.9%
Los Altos 214$1,8668.5%-0.7%6.6%
Los Altos Hills 61$1,5776.0%-4.0%10.5%
Los Gatos 278$1,2793.3%-2.6%12.8%
Menlo Park 236$1,5935.8%-5.8%6.2%
Millbrae 104$1,1767.9%-8.9%4.8%
Milpitas 191$1,06015.3%-2.1%10.7%
Monte Sereno 29$1,56718.2%-2.3%7.5%
Mountain View 200$1,6413.9%3.4%4.4%
Newark 222$90411.6%-2.3%8.4%
Pacifica 172$9349.0%-11.5%6.9%
Palo Alto 320$1,9277.1%-3.8%5.5%
Portola Valley 64$1,54311.8%-5.1%11.1%
Redwood City 326$1,2408.5%-7.2%6.3%
Redwood Shores 26$1,30120.3%-15.8%5.4%
San Bruno 149$9805.5%-4.0%1.5%
San Carlos 174$1,36110.5%-9.9%6.6%
San Jose 3390$9979.2%-1.5%8.1%
San Mateo 424$1,2336.2%-5.8%5.3%
Santa Clara 353$1,36817.0%-1.5%7.5%
Saratoga 208$1,5406.0%1.9%9.2%
South San Francisco 185$9136.7%-4.0%-0.1%
Sunnyvale 433$1,51110.1%-3.2%8.3%
Union City 206$87611.4%1.6%3.1%
Woodside 61$1,2923.9%-13.6%8.2%

 

Index Tables

Understanding Home Values

There are two different things to look at to get an understanding of home values: 1) recent sales, 2) real estate trends.

By looking at recent home sales you can judge the current attitudes of home buyers. By looking at real estate trends you can see how attitudes have shaped homes sales in the past and how they might be changing.

New House Price Trends

JLee Realty now shows Silicon Valley house prices using a plot that makes it easy to see changes in the appreciation rate.

Constant home price appreciation shows a straight line.

Old House Price Trends

Previously JLee Realty showed house prices using a simple plot that made reading the prices easy but changes in the appreciation rate weren't easy to see.

Constant home price appreciation does not show a straight line.

 

MLS Listings Style Graphs

You will probably see MLS Listings provided graphs during your home search. We use MLS sales records to create our graphs but choose to provide our own insights through our own display of the data. One difference that is not obvious is that we do NOT use a trailing average. For instance if on say July 15 you were to look at our graphs, the last monthly data point plotted would only include July 1 through July 15 closed sales, not the previous 30 days. With closings often taking 30 days, the July data point likely will not include all July sales until about the end of Aug. The last point plotted will change as more sales close escrow. A couple of MLS Listings style graphs, that are regularly updated, are shown below.The MLS Listings style graphs do not show a constant appreciation percentage as a straight line.

FreddieMac Mortgage Rates

Mortgage rates have a profound impact on the affordability of real estate. Rates are heavily influenced by political choices about both the current economy and expectations about the economy in the future. When considering historical and future prices of real estate, you should consider mortgage rates. FreddieMac provides the best historical presentation of mortgage rates. Scroll down in the framed FreddieMac window to see a chart of mortgage rates.

https://www.freddiemac.com/pmms

 

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