Silicon Valley property continues to sell quickly, with the average house being on the market for 106 days. This is a strong downward trend. The median list price for Silicon Valley real estate is just over $2.2 million. This trend is holding steady. Supply remains tight, making this a seller’s market. However, 21% of homes have seen a price decrease, and 9% of homes have been relisted.
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Even in a tight market we can still see differing trends when we break down the market into quartiles. The most expensive 25% of homes sell for an average of $3.9 million. These homes have an average of five bedrooms and four and a half baths and are just under 4,500 square feet. On average, they spend 243 days on the market. The next 25% of houses have an average price of just under $2.6 million. They are about 2,900 square feet, with four bedrooms and three baths. They sell in an average of 81 days. The third quartile of homes are just a little smaller, at an average of 2,500 square feet with four bedroom and two and a half baths. Their average price is just under $1.7 million, and they sell in 85 days. The bottom quartile is the fastest segment of Silicon Valley property. These homes sell for an average of $950,000 and have three bedroom and two bathrooms. They are around 1,600 square feet. They sell the fastest, with an average 22 days on the market.
Whether you are interested in buying or selling in Silicon Valley, give our office a call. We have experience in all segments of the market and would love to help you find your dream home.