It’s time for our monthly look at the market for Silicon Valley homes. The median list price for the area is $2,099,000. This is holding steady from the last week. The average price per square foot is down significantly, at $757. Silicon Valley real estate is also selling faster, with the average at 94 days on the market. The median house size is 2871 square feet, while the median lot size is 1 to 2.5 acres. Overall, inventory is up, though housing supply still is much less than demand. The market continues to favor sellers.
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Looking at the quartiles is where we see the most difference in how Silicon Valley homes are selling. The lowest priced quartile has a median price of $1,074,000, with a square footage of 1798. These houses spend an average of 23 days on the market. The next quartile has a median price of $1,898,000. Homes in this quartile are an average of 2448 square feet, and spend 92 days on the market. Houses in the third quartile sell for a median price of $2,678,888 and are 3589 square feet. They are spending an average of 89 days on the market. Finally, the most expensive 25% of homes sell for a median price of $4,500,000 and are 6181 square feet. They sell in an average of 176 days.
Whether you’re interested in buying or selling, please give our office a call to discuss relevant market conditions.