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Santa Clara Real Estate Market Update - June 2024

Santa Clara, home to numerous tech companies and Santa Clara University, offers a blend of vibrant city life and suburban charm. As of May 2024, Santa Clara’s real estate market is highly competitive, with 36 active listings for single-family homes and 60 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 11 days on the market and townhouses/condos averaging 12 days. This quick turnover reflects the strong buyer demand in the area, driven by the city’s strategic location and the high quality of life it offers.

The months of inventory in Santa Clara stands at 0.7 months for single-family homes and 1.7 months for townhouses and condos, indicating a seller’s market with high demand and limited supply. 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 in Santa Clara is $1,398 for single-family homes and $887 for townhouses and condos, reflecting the high property values in the region. The city’s proximity to major tech companies, excellent schools, and vibrant community life contribute to its strong real estate market, making it an attractive destination for homebuyers.

The median sale price in Santa Clara is $2,165,000 for single-family homes and $1,200,000 for townhouses and condos, indicating competitive pricing and high demand for homes. These significant median prices reflect the ongoing demand for properties in this desirable location, where the combination of economic opportunities, excellent schools, and quality of life creates a strong market. As we move further into 2024, these trends are expected to persist, reinforcing Santa Clara’s status as a prime residential destination. The continued influx of homebuyers, coupled with the city’s robust economic base, will likely sustain high property values and competitive sales across all types of residential real estate.

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