Is Morgan Hill, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morgan Hill is a seller's market

Buyer's
Market

Difference Since January 2023

Since last year, Morgan Hill has remained a Seller's Market.

Key Takeaway

Morgan Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Morgan Hill, CA

How much do homes in Morgan Hill, CA cost?

Median Sold Price

$1,275,000

$598/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$41,250(-3.1%)

Key Takeaway

Homes in Morgan Hill have sold for 3.1% less than they did a year ago.

Summary: The median home sold price in Morgan Hill was $1,275,000 in January 2024, down 3.1% from last year, and the median price per square foot was $598.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $510K$491.5K
-3.6%
2 $771.5K$755K
-2.1%
3 $1.0M$1.0M
-3.3%
4 $1.4M$1.4M
-0.5%
5+ $1.8M$1.6M
-8.9%

Summary: Morgan Hill housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.6%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes decreased by 8.9%.

Median Sold Price Compared To Nearby Cities

San Jose
+1.2%
Morgan Hill
-3.1%
South Santa Clara Valley
-5.2%
San Martin
-8.0%

Housing Supply in Morgan Hill, CA

How many homes are available in Morgan Hill, CA?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
7473-1.4%

Summary: The Morgan Hill real estate market had 73 homes for sale in January 2024, a 1.4% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 11
0.0%
2 89
+12.5%
3 1916
-15.8%
4 3433
-2.9%
5+ 1214
+16.7%

Summary: The Morgan Hill housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 15.8%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
2728+3.7%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morgan Hill, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 28 homes were sold or pending in Morgan Hill in January 2024, up by 3.7% month-over-month. Of the 26 sold homes, 50% were sold under asking, 12% were sold at asking, and 38% were sold over asking.

Days on Market for Morgan Hill, CA

How long does it take to sell a home in Morgan Hill, CA?

Average Sale Time

Jan 2023Jan 2024CHANGE
48 Days33 Days-32.1%

Summary: Homes in Morgan Hill had an average of 33 days on market in Jan 2024, down by 32.1% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Morgan Hill are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 28 homes were sold in Morgan Hill; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

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