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Cupertino Real Estate Market Update - June 2024

Cupertino, renowned for its excellent schools and being the headquarters of Apple Inc., remains a highly desirable location for homebuyers. In May 2024, Cupertino’s real estate market exhibits a striking dynamism, with 25 active listings for single-family homes and 15 active listings for townhouses and condos. Homes are selling rapidly, with single-family homes averaging just 9 days on the market and townhouses/condos averaging 17 days. This rapid turnover underscores the strong demand for properties, driven by the influx of tech professionals and families seeking proximity to top educational institutions and employment opportunities. The brisk pace at which homes are sold highlights the competitive nature of the market, where buyers must act swiftly to secure their desired properties.

The months of inventory in Cupertino is currently at 1.1 months for single-family homes and 0.8 months for townhouses and condos, reflecting a pronounced seller’s market characterized by high demand and limited supply. These low inventory levels indicate that there are not enough homes to meet the robust buyer interest, putting upward pressure on prices. The price per square foot in Cupertino stands at $1,905 for single-family homes and $1,171 for townhouses and condos, which is indicative of the premium nature of real estate in this tech-centric city. Properties in Cupertino are highly valued not only for their location but also for their quality and the lifestyle they offer, making them a sound investment for homebuyers and investors alike.

The median sale price in Cupertino is a notable $3,390,000 for single-family homes and $1,350,000 for townhouses and condos, showcasing the high-value nature of the market and the competitive bidding environment. These significant median prices reflect the strong economic base of the area, supported by high-income residents and the presence of major technology companies. Cupertino’s real estate market continues to thrive due to its strategic location in Silicon Valley, excellent public services, and the high quality of life it offers. As we move further into 2024, these trends are expected to persist, reinforcing Cupertino’s status as a premier residential destination. The continued demand from tech professionals and families, combined with limited housing supply, will likely sustain high property values and quick sales across all types of residential real estate, making Cupertino one of the most attractive real estate markets in the region.

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