SIlicon Valley Market Update September 2026

September 25, 2026

September 2026 Silicon Valley market update with a view of offices, a lake, and wooded hills.

The Local Lowdown: Silicon Valley Real Estate, August 2026

San Mateo leads the region, inventory keeps tightening, and sellers hold the upper hand heading into fall.

💰 Prices: San Mateo Up, Neighbors Ease Back

Single-family homes

  • San Mateo median: $2,050,000, up 7.89% year-over-year
  • Down 3.35% from July and off May's $2,210,000 peak, but above $1.9M for six straight months
  • Santa Clara median: $1,850,000, down 1.70% year-over-year
  • Third straight monthly dip from April's $2,100,000
  • Santa Cruz median: $1,350,000, down 1.60% year-over-year and 1.82% from July
  • Still within its $1.2M–$1.4M range for all of 2026

Condos

  • San Mateo: $825,000, essentially flat (up 0.24%)
  • Santa Clara: $685,000, down 6.16%, and below $720,000 in four of the last five months
  • Santa Cruz: $800,000, up 16.11%, but treat with caution given low sales volume and big swings this year

🏠 Inventory: Thinner Than the Past Two Years

  • 1,856 single-family homes for sale, down 11.62% year-over-year
  • Fourth straight monthly decline since May's peak of 2,195
  • New single-family listings rose 9.51% to 1,451, so sellers are still showing up
  • Sales fell 7.58% to 1,073, meaning the market feels tight but not frantic
  • 765 condos for sale, down 13.27% year-over-year and 11.76% from July
  • Lowest condo inventory since December; condo sales steady at 236

⏱️ Speed: Two Weeks or Less for Houses

Single-family homes

  • San Mateo: 12 days, down from 14 last August
  • Santa Clara: 13 days, 7.14% faster than last year
  • Santa Cruz: 17 days, down from 26 last August and 24 in July, the biggest improvement in the region

Condos

  • San Mateo: 37 days, about the same as last year and 5 days faster than July
  • Santa Clara: 35 days, up 12.90% and the slowest since January
  • Santa Cruz: 36 days, slower than last August's 15 but way down from 70 in July and 96 in March

📊 Market Verdict: Sellers Keep the Edge

  • Quick primer: Under 3 months of supply = seller's market; about 3 = balanced; over 3 = buyer's market

Single-family homes

  • San Mateo: 1.2 months (down from 1.8), the lowest since December
  • Santa Clara: 1.6 months, unchanged year-over-year and a firm seller's market
  • Santa Cruz: 3.4 months (down from 4.4), the region's most balanced market

Condos

  • San Mateo: 2.5 months (down from 3.8), now a seller's market for the first time since late last year
  • Santa Clara: 3.7 months, down from 4.3 in July and just on the buyer's side
  • Santa Cruz: 4.3 months (down from 5.6), still the most buyer-friendly segment

🔮 Looking Ahead

  • House buyers: Expect competition, so move fast and come prepared
  • Condo buyers in Santa Clara and Santa Cruz: Real negotiating room remains
  • San Mateo sellers: The strongest position in the region, for houses and condos alike

Charts comparing Silicon Valley condo and single-family home prices and condo price changes across three counties.

Three charts show Silicon Valley home price changes and condo and single-family inventory trends.

Three line charts compare months of supply and condo days on market across San Mateo, Santa Clara, and Santa Cruz.

Chart comparing monthly days on market for single-family homes in San Mateo, Santa Clara, and Santa Cruz, August 2024–August 2026.

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