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Sunnyvale Real Estate Market Update - June 2024

Sunnyvale, located in the heart of Silicon Valley, is known for its thriving tech industry, excellent schools, and vibrant community. As of May 2024, Sunnyvale’s real estate market remains highly competitive, with 43 active listings for single-family homes and 58 active listings for townhouses and condos. Homes are selling rapidly, with single-family homes averaging 9 days on the market and townhouses/condos averaging 12 days. This quick turnover highlights the strong demand for properties, driven by the influx of tech professionals and families seeking proximity to major tech companies and quality educational institutions. The competitive nature of the market means buyers need to act swiftly to secure their desired homes.

The months of inventory in Sunnyvale stands at 0.7 months for single-family homes and 1.8 months for townhouses and condos, reflecting a pronounced seller’s market with high demand and limited supply. These low inventory levels indicate that buyers need to act quickly to secure properties, contributing to the competitive nature of the market. The price per square foot is $1,505 for single-family homes and $978 for townhouses and condos, showcasing the premium nature of real estate in this tech-centric city. Properties in Sunnyvale are highly valued not only for their location but also for the lifestyle they offer, making them a sound investment.

The median sale price in Sunnyvale is $2,600,000 for single-family homes and $1,293,000 for townhouses and condos, reflecting the high-value nature of the market and the competitive bidding environment. These significant median prices underscore the city’s status as a desirable residential destination, where the combination of economic opportunities, excellent schools, and vibrant community life creates a strong market. As we move further into 2024, these trends are expected to persist, reinforcing Sunnyvale’s position as one of the most competitive and lucrative real estate markets in the region. The continued influx of tech professionals and families, combined with Sunnyvale’s economic opportunities and lifestyle offerings, will likely sustain high property values and quick sales across all types of residential real estate.

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