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 extremely high demand.

  • The April sale to list price ratio rose to a jaw dropping 119.5%, well over asking price and well above this time last year!
  • Available inventory and closed sales rose month-over-month with pending sales holding steady. Year-over-year closed and pending sales are up while inventory remains the same.
  • Time to sell sped to an average of just 8 days on market, while the average days of inventory (or market absorption) sped to 13 days.
  • Prices inched up month-over-month, and are up about 16%-17% 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 during the hottest months of 2023! That dropped off around fall and winter, as anticipated, but by February 2024 the average sales price has already topped that $2 million marker! April also rose just above that $2 million number in both average and median sales prices, and while it may decline some later in the season, there is the sense that this may be the new norm.

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 rising into and through spring.

Data from my Real Estate Report

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

Despite rising interest rates and limited options for buyers, the market for single family homes in the city of Santa Clara is going wild!! Closed sales nearly doubled month-over-month, and homes on average are selling nearly 20% over asking in about a week – it’s a white hot seller’s market!

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 GlanceApr 2024Previous MonthYear-over-Year
Median Price$2,021,500 (+3.4%)$1,954,440$1,736,500 (+16.4%)
Average Price$2,082,080 (+2.0%)$2,041,990$1,774,390 (+17.3%)
No. of Sales50 (+56.3%)3226 (+92.3%)
Pending38 (0.0%)3826 (+46.2%)
Active23 (+27.8%)1823 (0.0%)
Sale vs. List Price119.5% (+3.2%)115.8%109.8% (+8.8%)
Days on Market(-3.7%)914 (-39.0%)
Days of Inventory13 (-20.9%)1726 (-48.0%)

 

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 that’s also been on a steady spring rise.

Condo Market Trends at a Glance from the RE Report

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