Saratoga Market Update - June 2024

Saratoga, renowned for its upscale neighborhoods, excellent schools, and serene environment, is a highly sought-after location in the Bay Area. As of May 2024, Saratoga’s real estate market remains competitive, with 44 active SFH listings and homes selling in an average of 10 days. This quick turnover highlights the strong demand for high-end properties, driven by the city’s desirable living conditions and proximity to Silicon Valley. Buyers in Saratoga must act swiftly and be prepared for competitive bidding to secure their desired homes.

The months of SFH inventory in Saratoga is at 1.3 months, indicating a pronounced seller’s market with high demand and relatively limited supply. This level of inventory suggests a competitive environment where properties do not stay on the market for long, maintaining upward pressure on prices. The price per square foot in Saratoga stands at $1,622, reflecting the premium nature of real estate in this area. Properties in Saratoga are highly valued for their spacious lots, quality construction, and the lifestyle they offer, making them a sound investment.

The median sale price in Saratoga is $4,000,000, showcasing the high-value nature of the market and the competitive bidding environment. This significant median price underscores the affluent nature of the community and the desirability of Saratoga as a residential destination. As we move further into 2024, these trends are expected to persist, solidifying Saratoga’s reputation as a premier residential area in Silicon Valley. The strong economic fundamentals and attractive living conditions will likely continue to drive demand and sustain high property values.