Select Page

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? Prices are sky high for this market, and the climbing price point has been dramatic here, moreso than in many other parts of Silicon Valley or San Jose. But is that starting to turn around?

  • The average sale price for houses in May was $1,652,390 (-5.2% from April and +15.0% from a year ago)
  • The median sale price for single family homes was $1,550,000 (-5.2% the month prior and +15.0% from this time 2021)
  • The sales to list price ratio for homes cooled significantly, still blazing hot at 105.8% (-5.2% from the month before and -0.9% from last year)
  • Days of inventory were up month-over-month and year-over-year. Days on market were down year-over-year, but up month-over-month. Closed sales fell, but pending sales and active inventory are up.

Rising inventory and a dip in the sales to list price ratio might be an early hint that a more balanced market is on the way, but right now it’s still a wild seller’s market with fierce competition for the best homes. Looking year-over-year the market is raging hot and prices are sky high!

See the Santa Clara County real estate market report (for comparison) here.

The Morgan Hill Real Estate Market

The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 110% to 115%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market. With so much pent-up demand, and possibly with buyers being priced out of other areas, this market has been showing significantly more heat than usual!

First up, the market profile from Altos Research – this is updated weekly, so check back often! You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

 

Morgan Hill Real-Time Market Profile

 

Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill.

May remained active, with a significant increase in active inventory, growing pending sales, and a drop in closed sales. The market has clearly cooled off since April, but remains red hot with significantly higher prices year-over-year. The market is still buzzing with activity, but it’s calming down in late spring.

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,550,000 (-6.3%) $1,653,500 $1,325,000 (+17.0%)
Average Price $1,652,390 (-5.2%) $1,742,640 $1,436,630 (+15.0%)
No. of Sales 47 (-19.0%) 58 62 (-24.2%)
Pending 68 (+6.3%) 64 64 (+6.3%)
Active 55 (+27.9%) 43 46 (+19.6%)
Sale vs. List Price 105.8% (-5.2%) 111.7% 106.8% (-0.9%)
Days on Market 10 (+10.8%) 9 14 (-24.8%)
Days of Inventory 35 (+63.3%) 22 22 (+57.7%)

 

Single Family Home Live charts from Altos Research

The following charts are from Altos Research, updated automatically each week, using data of homes available to purchase (not sold / closed sales), for the Morgan Hill real estate market. (I have a paid subscription to this service.)

 

Morgan Hill houses for sale average days on market:

 

Inventory of single family homes available to purchase:

While inventory has been on the rise, it’s still extremely low compared to most years! As always, low inventory + high demand = rising prices.

It should be noted that there’s a ton of new construction going on in the northern part of Morgan Hill, but that hasn’t appeared to be helping a severe inventory shortage!

Morgan Hill Condo Real-Time Market Profile

Morgan Hill condos and townhomes are showing a red hot market right now with higher market action than single family homes, according to the Altos Reports. This can fluctuate dramatically with such small numbers, so take it with a grain of salt.

Trends for the condo real estate market in Morgan Hill

 

See the full Real Estate Report here. After a red hot winter and a blazing early spring market, Morgan Hill townhomes and condos are finally starting to cool off in late spring, although it’s not yet reflected in the ever-increasing prices.

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,037,780 (+12.2%) $925,000 $875,000 (+18.6%)
Average Price $962,884 (+5.1%) $916,250 $843,193 (+14.2%)
No. of Sales 14 (+250.0%) 4 15 (-6.7%)
Pending 10 (-28.6%) 14 (+42.9%)
Active (-10.0%) 10 10 (-10.0%)
Sale vs. List Price 107.8% (-1.6%) 109.6% 104.7% (+3.0%)
Days on Market 17 (+103.4%) 9 12 (+41.7%)
Days of Inventory 19 (-73.4%) 73 20 (-3.6%)

 

Condo and Townhouse Live charts from Altos Research

The Morgan Hill condo market

List prices by quartile:

 

Average days on market:

This jumps all over the place, but most price points have converged on roughly 5-15 days on market with the bottom of the market moving slower than the rest. Smaller condos with no outdoor spaces have taken a hit since the first lockdown with more people working from home. Remember to disregard data from March to May 2020.

Inventory:

 

What's nextWant to buy or sell a home in Morgan Hill? It’s a great community and I work there, too!  Please contact me for a no obligation, no cost, no pressure conversation to discuss your goals and how I may be able to assist you.

Authors

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

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