Select Page

Milpitas Real Estate MarketThe Milpitas real estate market has calmed down from a record breaking seller’s market. Although it’s nowhere near what it was in spring, it is still a hot market. Here are a few points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • The sales to list price ratio has risen to 102.9% showing increased market heating after the massive 8.6% dip in July to 97.3%, the lowest July SLP% we had seen in over a decade, rebounded and remained stable near 100% through August and September. It’s still significantly cooler than last year, but October definitely heated up!
  • Time on market averaged at 37 days, taking nearly twice as long as the last month.
  • The average single family home price in October was $1,444,390 (down 0.9% from the month before, and up 7.3% from a year ago)
  • The median sale price was $1,425,000 (up 10.4% from the month before, and up 9.6% from last year)
  • Inventory fell, pending sales held fairly stable, and closed sales dipped

Prices remain high year-over-year, inventory is sparse, and market activity is picking up again in Milpitas!

The Milpitas Real Estate Market

Milpitas is perpetually attractive for home buyers as the location is convenient and offers good schools. Many areas are close to the hills and enjoy scenic views, too.

So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated automatically on a weekly basis, so check back often:

Altos Real-Time Market Profile, Milpitas

This chart says Milpitas remains in a strong seller’s market with some recent ups and downs. According to the most recent update inventory is plunging again and prices are lower than they were not long ago.

Milpitas Real Estate Market Trends at a Glance

You can always view the most current info on the Milpitas market on my RE Report (it’s updated between the 5th and 10th of each month).

Milpitas single family homes / houses / duet homes (not duplexes):


Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $1,425,000 (+10.4%) $1,291,000 $1,300,000 (+9.6%)
Average Price $1,444,390 (-0.9%) $1,457,010 $1,346,500 (+7.3%)
No. of Sales 15 (-16.7%) 18 27 (-44.4%)
Pending 25 (+4.2%) 24 30 (-16.7%)
Active 16 (-30.4%) 23 (+128.6%)
Sale vs. List Price 102.9% (+2.8%) 100.1% 108.4% (-5.1%)
Days on Market 37 (+97.2%) 19 10 (+256.7%)
Days of Inventory 32 (-13.6%) 37 (+311.4%)


Something you’ll  notice right away is that aside from the “south county” areas of Morgan Hill, this is one of the less costly cities in the county. (There are parts of San Jose which are also on the more affordable end of the scale – please see an article on my relocation website,, on the topic of the varying prices of homes within the large city of San Jose, updated a few times a year.)

Milpitas condo and townhouse market

Again, we’ll start with the Altos chart.

Altos Real-Time Market Profile for Milpitas, CA Condos

The market action is high after a drop in the Milpitas condo and townhome market. Inventory has been falling again and median days on market show quick turnover. It’s a hot seller’s market for Milpitas condos and townhomes.

Trends at a Glance

The Milpitas condo market is also slowing down, but overall remains in a seller’s market (see more on the Re Report page).

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $1,300,000 (+13.0%) $1,150,000 $1,015,000 (+28.1%)
Average Price $1,145,430 (+7.1%) $1,069,540 $1,052,200 (+8.9%)
No. of Sales (-30.8%) 13 23 (-60.9%)
Pending 24 (+14.3%) 21 26 (-7.7%)
Active 13 (-13.3%) 15 17 (-23.5%)
Sale vs. List Price 98.1% (-0.4%) 98.6% 105.4% (-6.9%)
Days on Market 19 (-47.4%) 37 15 (+30.8%)
Days of Inventory 43 (+29.5%) 33 22 (+95.4%)


Winning Combination

Milpitas homes for sale will be snatched up quickly in most cases because it’s a community offering good public schools, shorter commutes to many Silicon Valley tech hubs, and scenic views of or from the hills in many spots. The Milpitas real estate market is a sellers’ market due to low inventory and high demand – so if you love a particular home, don’t wait! Being pre-approved with your down payment in hand is a must!

Milpitas enjoys a close in location, good schools, and in many cases, close up views of the hills or views of the bay and valley from the hills. With BART coming from Fremont into the Berryessa area of San Jose soon, it just keeps getting better looking all the time. Alternative areas with good schools like Cambrian are far more costly. Combine these factors with the price point being a little more attractive than most of the county, and you can understand why it would draw a lot of very motivated home buyers. All around, Milpitas is a winner.

Browse Milpitas homes for sale:

Click on the link to view Milpitas real estate market’s homes for sale. Property types include single family homes, condominiums (condos), townhouses (townhomes), and multi unit properties (meaning duplex, triplex, and fourplex homes). Note: Milpitas has 2 zip codes, 95035 (regular addresses) and 95036 (PO Boxes).

Please also see:

Milpitas (on the site)

What can you buy for $1 million in Silicon Valley? (on the site)

Cupertino real estate market trends & statistics


  • Clair Handy

    Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno

  • Mary Pope-Handy

    Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.