The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand.

  • The January sale to list price ratio skyrocketted to 111.5%, well over asking price and well above this time last year.
  • Available inventory and closed sales fell month-over-month while pending sales shot up. Year-over-year data shows the same trends, but inventory is less than half of what it was!
  • Time to sell sped to an average of 11 days on market, while the average days of inventory (or market absorption) slowed to 27 days.
  • Prices fell month-over-month, and are up about 15% – 19% from last year.

Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! It came down from there later in the year, but by spring 2023 prices were on the rise again, and by August 2023 we were starting to get close to that $2 million average again. There has been some up and down in the final quarter of 2023, but without further significant cooling we will likely be seeing averages close to the $2 million marker again by next spring.

The Real Estate Market for the City of Santa Clara

Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for years, and dispite some ups and downs over the last year, it remains high today. Low inventory across the valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.

First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)

 

Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market with elevated market action, though there’s been a clear decline since summer.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes.

Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and many have become more choosy or have dropped out of the competition entirely. Many homeowners are unwilling to part with their properties and low mortgage rates in the current market environment, so available inventory remains low.

Have a look at the market by the numbers below, or visit my RE Report page for Santa Clara stats here.

Trends at a Glance

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$1,700,000 (-6.6%)$1,820,000$1,475,000 (+15.3%)
Average Price$1,806,890 (-7.9%)$1,961,610$1,522,760 (+18.7%)
No. of Sales11 (-52.2%)2317 (-35.3%)
Pending18 (+80.0%)1011 (+63.6%)
Active10 (-16.7%)1221 (-52.4%)
Sale vs. List Price111.5% (+5.1%)106.1%100.0% (+11.5%)
Days on Market11 (-35.7%)1831 (-62.8%)
Days of Inventory27 (+74.2%)1637 (-26.4%)

 

Santa Clara list prices of houses for sale by zip codes (95050, 95051, 95054)

In addition to the RE Report, I also have a subscription to Altos Research, which uses list prices (not sales data) for tracking the pulse of the market.

Here see list prices by zip code – note how different they are! If we teased it out even more, by price point, school district or exact location, we would see a myriad of “micro markets.”



In the charts above, it’s clear that the real estate trends often vary from one Santa Clara zip code to the next. If we pulled it apart further and checked each zip code by price quartile, there’d be differences there also, as the low end and high end segments are often very, very different from each other.

Santa Clara condominium and townhouse real estate market

First, another city profile for the condominiums and townhouses in the city of Santa Clara.

Santa Clara Condos Real-Time Market Profile

The condo and townhome market in Santa Clara is showing a strong market action with continued decline through winter, and following slightly different trends as compared to the single family housing market.

Condo Market Trends at a Glance from the RE Report