October '25 Deep Dive - Silicon Valley

Silicon Valley

The Local Lowdown

Quick Take:

Median sale prices increased across the board in the single-family home market in August.
Single-family home inventory levels are actually lower on a year-over-year basis for the first time in months.
Single-family home listings continue to be snapped up at a breakneck pace.

Note: You can find the charts/graphs for the Local Lowdown at the end of this section.

Single-family median sale prices increased across the board for the first time in four months

After several months of softening, Silicon Valley’s single-family home market regained momentum in August. Median prices rose 3.01% in Santa Clara County, 5.54% in Santa Cruz County, and 6.74% in San Mateo County year-over-year. Condos, on the other hand, saw modest declines across the region—down 3–5% depending on the county. The result is a clear bifurcation: single-family homes are once again leading the market, while condos lag behind.

Inventories for single-family homes made an unexpected reversal in August

After months of gradual buildup, inventory took a surprising turn. Active single-family listings fell 4.04% year-over-year, marking Silicon Valley’s first decline in months. Condos still have more inventory than last year—up 16.77%—but the pace of that buildup is slowing rapidly. This indicates a potential tightening trend heading into fall.

Most single-family home listings spend just two weeks on the market

Even with price growth and tighter supply, homes are selling quickly. Single-family listings in San Mateo and Santa Clara Counties average just 14 days on the market; in Santa Cruz County, it’s 26 days. Condos take a bit longer—31 days in Santa Clara, 38 in San Mateo—but are still moving at a healthy clip compared to historical norms.

The San Mateo and Santa Clara County single-family home markets are tremendously competitive

With MSI hovering well below three months, Silicon Valley remains one of the most competitive housing regions in the state. San Mateo and Santa Clara Counties report just 1.5 and 1.3 months of inventory, respectively—clear indicators of intense demand. In contrast, the condo market leans toward buyers, with 3–5.5 months of supply depending on the county.

Bottom Line:

Silicon Valley is back in high gear for single-family homes. Demand is strong, inventory is tightening, and homes are selling fast. Condos offer more breathing room for buyers—but competition for houses remains fierce.