Though the Silicon Valley real estate market is associated with ever-rising prices, they are actually starting to slow down a bit. In July, the median Silicon Valley home price was $1.05 million. By August, that number had dropped to $985,000. The average price of Silicon Valley real estate in July was just $1.278 million. In August, the average price was $1.262 million. July had 887 home sales, while August dropped to 875. In July, homes sold in an average of 24 days, though by August that had risen to 29 days.
The Silicon Valley Home Market Sees Variation by City
Of course, as Realtors are fond of saying, all real estate is local. Silicon Valley real estate seems to be reaching a plateau overall, but that isn’t always the case in particular cities. For instance, in San Jose, the current average home price is $818,219, which is 101.8% of the asking price. These homes are on the market for an average of 60 days. Nearby, in Santa Clara, the average home is sold for $953,736, which is 103.1% of the asking price. Santa Clara homes are on the market for an average of 53 days. Finally, Saratoga currently has an average home selling price of $1,996,680. Saratoga homes are selling for 101.8% of asking in an average of 54 days.
If you’re interested in buying in a particular city in the Silicon Valley area, get in touch with our office. We’d be happy to go over prices and possibilities with you.