Santa Clara County Real Estate Market Update - June 2024

Santa Clara County, a hub of technological innovation and home to Silicon Valley, remains a highly desirable location for residential real estate. As of May 2024, the market exhibits a high level of activity with 1,064 active listings for single-family homes and 624 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 14 days on the market and townhouses/condos averaging 15 days. This rapid turnover highlights the strong demand for properties, driven by the influx of tech professionals and families seeking proximity to top-tier companies and educational institutions. The competitive nature of the market means buyers need to act swiftly to secure their desired homes.

The months of inventory in Santa Clara County is at 1.1 months for single-family homes and 1.5 months for townhouses and condos, indicating a pronounced seller’s market across the board. These low inventory levels suggest that there are not enough homes to meet the robust buyer interest, putting upward pressure on prices. The price per square foot stands at $1,243 for single-family homes and $846 for townhouses and condos, showing a consistent appreciation in property values. The slightly higher months of inventory for townhouses and condos indicates a relatively more balanced market, providing more options for buyers seeking affordability and lower maintenance living spaces.

The median sale price in Santa Clara County is $2,030,000 for single-family homes and $1,070,999 for townhouses and condos, underscoring the sustained growth in property values. These significant median prices reflect the high demand and limited supply, creating a competitive bidding environment. As we move further into 2024, these trends are expected to persist, solidifying Santa Clara County’s position as a prime location for real estate investment. The continued influx of tech professionals and families, combined with the county’s economic opportunities and lifestyle offerings, will likely sustain high property values and quick sales across all types of residential real estate.