Is South Santa Clara Valley, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Santa Clara Valley has remained a Seller's Market.
Housing Prices in South Santa Clara Valley, CA
How much do homes in South Santa Clara Valley, CA cost?
Median Sold Price
$1,200,000
$577/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Santa Clara Valley was $1,200,000 in May 2024, up 4.3% from last year, and the median price per square foot was $577.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $498K | $453K | -9.0% |
2 Bedrooms | $710K | $750K | +5.6% |
3 Bedrooms | $950.6K | $1.0M | +5.2% |
4 Bedrooms | $1.2M | $1.3M | +4.0% |
5+ Bedrooms | $1.5M | $1.6M | +9.7% |
Summary: South Santa Clara Valley housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 9.7%.
Median Sold Price Compared To Nearby Cities
San Martin | $1.4M | $1.6M | +9.3% |
Morgan Hill | $1.2M | $1.3M | +8.2% |
Llagas-Uvas | $1.4M | $1.5M | +6.9% |
Gilroy | $999.5K | $1.0M | +5.9% |
South Santa Clara Valley | $1.1M | $1.2M | +4.3% |
Housing Supply in South Santa Clara Valley, CA
How many homes are available in South Santa Clara Valley, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
208 | 254 | +22.1% |
Summary: The South Santa Clara Valley real estate market had 254 homes for sale in May 2024, a 22.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 21 | 24 | +14.3% |
3 Bedrooms | 60 | 75 | +25.0% |
4 Bedrooms | 93 | 103 | +10.8% |
5+ Bedrooms | 32 | 50 | +56.3% |
Summary: The South Santa Clara Valley housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 56.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
61 | 78 | +27.9% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Summary: A total of 78 homes were sold or pending in South Santa Clara Valley in May 2024, up by 27.9% month-over-month. Of the 73 sold homes, 26% were sold under asking, 10% were sold at asking, and 64% were sold over asking.
Days on Market for South Santa Clara Valley, CA
How long does it take to sell a home in South Santa Clara Valley, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
25 Days | 22 Days | -11.5% |
Summary: Homes in South Santa Clara Valley had an average of 22 days on market in May 2024, down by 11.5% compared to last year.
Breakdown of Home Sale Times
63 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 78 homes were sold in South Santa Clara Valley; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.