How’s the Cupertino real estate market?
In July the average single family home prices rose in Cupertino and are above where they were a year ago. The sale price to list price rose, also – it’s increasingly harder for home buyers as both interest rates and prices have been rising.
The market may vary by price point or exactly location somewhat. For instance, the Monta Vista neighborhood may sell differently from areas in Cupertino closer to Sunnyvale or Santa Clara.
Here are the most recent real estate statistics, via our Cupertino Real Estate Report. The market is HOT!
Cupertino Real Estate market – Closed Sales and Trends at a Glance
(If you’re viewing the chart below on a mobile device, please swipe horizontally to see all columns.)
This is a very strong seller’s market, as the data below makes clear.
Trends at a Glance
| Trends At a Glance | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $3,105,000 (+0.4%) | $3,094,000 | $2,750,000 (+12.9%) |
| Average Price | $3,321,440 (+1.4%) | $3,276,000 | $2,786,120 (+19.2%) |
| No. of Sales | 18 (0.0%) | 18 | 31 (-41.9%) |
| Pending | 26 (+73.3%) | 15 | 25 (+4.0%) |
| Active | 13 (-35.0%) | 20 | 28 (-53.6%) |
| Sale vs. List Price | 111.8% (+6.1%) | 105.4% | 102.6% (+8.9%) |
| Days on Market | 12 (-36.5%) | 19 | 22 (-45.9%) |
| Days of Inventory | 22 (-35.0%) | 33 | 27 (-20.0%) |
Cupertino real estate market via the Altos Research weekly charts (they use LIST prices, not sale prices):
The Altos research chart above updates approximately once a week. The latest update says it is in a strong seller’s market, but the market action index is falling.
Cupertino median list price of houses by price quartile (Altos Research)
Median List Price (half of all homes are listed for more, half for less):
Here’s the same data just for the top quartile, the most expensive properties (luxury homes segment):
Median List Price (all quartiles combined)
Cupertino Days on Market by Price Quartile: What’s Selling Fastest
The Cupertino Real Estate Market: Condominium and Townhouse Segment
Altos chart using LIST pricing data:
Given the usually small number of sales, this data can change drastically, which skews the trends and makes this information less reliable, so take these statistics with a grain of salt.
This is an active seller’s market for condos and townhomes, but calmer than the single family home market, and of course the trend is toward softening or leveling off now. Here’s a quick look at the Cupertino condominiums and townhouses for sale or recently sold:
Cupertino real estate market for condos and townhomes
There are just 2 closed sales in Cupertino in August. Here’s the data from The RE Report:
Trends at a Glance
| Trends At a Glance | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,265,000 (+14.2%) | $1,107,780 | $1,305,880 (-3.1%) |
| Average Price | $1,265,000 (+21.7%) | $1,039,260 | $1,437,910 (-12.0%) |
| No. of Sales | 2 (-33.3%) | 3 | 8 (-75.0%) |
| Pending | 3 (+50.0%) | 2 | 11 (-72.7%) |
| Active | 4 (+33.3%) | 3 | 20 (-80.0%) |
| Sale vs. List Price | 101.4% (-1.5%) | 103.0% | 104.4% (-2.8%) |
| Days on Market | 13 (+21.0%) | 10 | 27 (-54.3%) |
| Days of Inventory | 60 (+100.0%) | 30 | 75 (-20.0%) |
With just 2 sales, we cannot really know if values are rising or falling, since one month they could all be really high and the next month perhaps only small 1 bedroom units sell. We can see that the days of inventory have risen significantly, and the sale to list price ratio sank, and now there are more active listings than closed sales. These all point to a slightly softer market.
The condo and townhome Cupertino real estate market usually looks volatile because of the small number of homes available, pending and sold. Despite massive swings and low inventory, we can tell by watching certain trends that properties are still selling well and quickly. Compared to last year, the market is a little warmer and overall it remains a hot seller’s market.
What drives the Cupertino real estate market?
The residential real estate market in this area is driven in large part by the extremely high quality of its local public schools. Many in Silicon Valley would state that for San Jose area home buyers, Cupertino offers the best “bang for the buck” when one lines up the cost of purchasing a home to the schools’ API scores. (Conversely, some residents are concerned that the very top schools – including, but not limited to, Cupertino – are so focused on academics that there may be too much pressure on kids and may lack balance for them.)
Other drivers are, of course, short commutes to many work places, belief in stronger resale value in Cupertino, the local economy (such as the initial public offerings happening with some of the Silicon Valley tech giants), the availability of more affordable financing, and how the realty market in general is performing for any particular price point or particular school area. Even within the city, some schools are much more in demand than others!
Information and descriptions in this article refer to this city of about 50,000 residents as a whole, however real estate is a hyper-local industry, so for excellent buyer or seller representation and precise information in any given area or tier of the market, please contact me! We are happy to provide a no-pressure free consultation with anyone who’s ready to take the first steps towards buying or selling, and to see if we might be a good fit to work together with you.
Related Reading:
Silicon Valley real estate market predictions
Sunnyvale real estate market trends & statistics
Cambrian Park real estate market update
Santa Clara County real estate market
Houses for sale in Cupertino California
Please browse real estate listings and houses for sale in Cupertino, listed from the lowest prices up to the highest.
- List View
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$5,200,000-
Lot Size12,010 sqft
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Home Size3,721 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2023
-
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$4,915,000-
Lot Size9,680 sqft
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Home Size3,813 sqft
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Beds5 Beds
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Baths6 Baths
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Year Built2022
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$4,850,000-
Lot Size9,375 sqft
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Home Size3,779 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2023
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$4,800,000-
Lot Size9,701 sqft
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Home Size3,849 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2023
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$4,700,000-
Lot Size9,584 sqft
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Home Size3,727 sqft
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Beds5 Beds
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Baths5 Baths
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Year Built2023
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See all Cupertino, California Real Estate.
(all data current as of
9/30/2023)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
- List View
- Map View
- Grid View
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$1,988,960-
Lot Size
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Home Size1,596 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2023
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$1,625,000-
Lot Size
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Home Size1,435 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built2023
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$1,499,990-
Lot Size1,299 sqft
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Home Size1,487 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1973
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$1,198,888-
Lot Size776 sqft
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Home Size1,326 sqft
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Beds2 Beds
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Baths3 Baths
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Year Built1982
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See all Cupertino, California Real Estate Condos.
(all data current as of
9/30/2023)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
https://idx.diversesolutions.com/link/445714 (townhomes and condos)
