We hope you’re enjoying some Halloween candy! Grab a handful to snack on while we discuss the state of the Silicon Valley property market. The median list price is $2,298,975, which is about the same as last month. While inventory has been decreasing, the number of sales relative to inventory has fallen, too. Silicon Valley homes spend an average of 115 days on the market, up significantly from last month’s 98 days. These factors may indicate an overall cooling in the market. However, it is also very common for the market to slow somewhat in the winter months and pick up again in spring. The average price per square foot is $712, which is also down significantly from last month, when it was $764.
Silicon Valley Homes See a Cooling Market
We get a better sense of the Silicon Valley property market when we look at the quartiles. Starting at the least expensive 25% of homes, we find the median price is $974,000. These houses are an average of 1,962 square feet with three bedrooms and 2.5 baths. They sell in an average of 112 days. In the next quartile, the median price is $1,639,000. With four bedrooms and 2.5 baths, these homes have an average of 2,386 square feet. They sell in an average of 90 days. The third quartile has a median price of $2,888,888. They are rather spacious, with an average of 3,450 square feet. Typically, they have four bedrooms and 3.5 bathrooms and sell in an average of 89 days. Finally, the most expensive homes in Silicon Valley have a median price of $5,800,000. The average size is 7,000 square feet, with five bedrooms and six bathrooms. They spend an average of 172 days on the market.
To learn more about buying or selling a home in Silicon Valley, get in touch with our office. We have a lot of experience in the area and would be happy to help you achieve your homeownership dreams!