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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

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