Is Morgan Hill, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,300,000
$609/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since March 2023.
Key Takeaway
The sold price of homes in Morgan Hill has remained the same since last year.
Summary: The median home sold price in Morgan Hill was $1,300,000 in March 2024, the same as last year, and the median price per square foot was $609.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $510K | $485K | -4.9% |
| 2 Bedrooms | $765K | $790K | +3.3% |
| 3 Bedrooms | $1.0M | $1.0M | 0.3% |
| 4 Bedrooms | $1.4M | $1.4M | +3.0% |
| 5+ Bedrooms | $1.7M | $1.8M | +3.4% |
Summary: Morgan Hill housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.9%, 2 bedroom homes increased by 3.3%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
| San Jose | $1.2M | $1.3M | +4.8% |
| Morgan Hill | $1.3M | $1.3M | 0.0% |
| South Santa Clara Valley | $1.1M | $1.1M | -2.0% |
| San Martin | $1.6M | $1.4M | -6.9% |
| Diablo Range | $1.2M | $961.5K | -21.5% |
Housing Supply in Morgan Hill, CA
How many homes are available in Morgan Hill, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 70 | 85 | +21.4% |
Summary: The Morgan Hill real estate market had 85 homes for sale in March 2024, a 21.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 9 | +12.5% |
| 3 Bedrooms | 15 | 22 | +46.7% |
| 4 Bedrooms | 32 | 39 | +21.9% |
| 5+ Bedrooms | 15 | 15 | 0.0% |
Summary: The Morgan Hill housing inventory by bedroom type for March 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 increased by 46.7%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 32 | +33.3% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morgan Hill, you could pay more than the asking price. 51.7% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in Morgan Hill in March 2024, up by 33.3% month-over-month. Of the 29 sold homes, 34% were sold under asking, 14% were sold at asking, and 52% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 24 Days | -30.3% |
Summary: Homes in Morgan Hill had an average of 24 days on market in Mar 2024, down by 30.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Morgan Hill are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 32 homes were sold in Morgan Hill; 75% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
Listings on this page identified as belonging to another listing firm are based upon data obtained from the SFAR MLS, which data is copyrighted by the San Francisco Association of REALTORS©, but is not warranted. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing Broker has attempted to offer accurate data, but buyers are advised to confirm all data provided. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.