$7,422 Closing Credit*
$625,000
945 SqFt
2 Beds
•2 Full Baths
Tom Beck, Listing Office: Compass
Is Morgan Hill, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 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
$1,344,666
$626/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$144,666(+12.1%)
Key Takeaway
Homes in Morgan Hill have sold for 12.1% more than they did a year ago.
Summary: The median home sold price in Morgan Hill was $1,344,666 in September 2024, up 12.1% from last year, and the median price per square foot was $626.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $504K | $490K | -2.8% |
| 2 Bedrooms | $750K | $805K | +7.3% |
| 3 Bedrooms | $1.0M | $1.1M | +15.0% |
| 4 Bedrooms | $1.4M | $1.4M | +0.9% |
| 5+ Bedrooms | $1.6M | $1.8M | +11.9% |
Summary: Morgan Hill housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.8%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 11.9%.
Median Sold Price Compared To Nearby Cities
| Morgan Hill | $1.2M | $1.3M | +12.1% |
| South Santa Clara Valley | $1.1M | $1.2M | +11.7% |
| San Jose | $1.2M | $1.3M | +8.9% |
| San Martin | $1.8M | $1.5M | -12.5% |
Housing Supply in Morgan Hill, CA
How many homes are available in Morgan Hill, CA?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 126 | 142 | +12.7% |
Summary: The Morgan Hill real estate market had 142 homes for sale in September 2024, a 12.7% increase compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 16 | 20 | +25.0% |
| 3 Bedrooms | 34 | 37 | +8.8% |
| 4 Bedrooms | 52 | 58 | +11.5% |
| 5+ Bedrooms | 23 | 25 | +8.7% |
Summary: The Morgan Hill housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes increased by 8.7%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 32 | 31 | -3.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morgan Hill, you could pay more than the asking price. 43.3% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Morgan Hill in September 2024, down by 3.1% month-over-month. Of the 30 sold homes, 37% were sold under asking, 20% were sold at asking, and 43% 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
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 17 Days | 33 Days | +94.1% |
Summary: Homes in Morgan Hill had an average of 33 days on market in Sep 2024, up by 94.1% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morgan Hill are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 31 homes were sold in Morgan Hill; 65% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 10% 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.