Five years ago I wrote my first post about what you can buy for $1,000,000 in Silicon Valley. This is still a significant question for first time buyers in the area and those wishing to relocate to the Valley, so it’s time for a refresher. Here we will take a new look at some statistical averages for homes that sold between $900,000 and $1,000,000 within the last 90 days, comparing various towns, cities, and neighborhoods. There are two charts, one for single family homes and a second for condos and townhomes. There were some places we looked at that had nothing for sale within our pricing – these are listed below the charts with explanations.

For those of you who are curious the post from 2010 is left at the bottom, and we were in a buyers market at the time – very different from the prolonged sellers market we are experiencing now.

To start off with, here is the chart for single family homes:

 

Single Family Homes for $1 Million
Mountain View 1,079 SqFt $931.67/SqFt 5,432 SqFt Lot Age 62	Sunnyvale 1,259 SqFt $780.20/SqFt 6,054 SqFt Lot Age 66	Los Gatos 1,647 SqFt $664.98/SqFt 8,188 SqFt Lot Age 74	Los Gatos Mountains 2,013 SqFt $494.50/SqFt 140,266 SqFt Lot Age 53	Evergreen, San Jose 2,113 SqFt $460.43/SqFt 6,828 SqFt Lot Age 26
Santa Clara 1,429 SqFt $689.81/SqFt 5,337 SqFt Lot Age 54	Almaden, San Jose 1,932 SqFt $497.88/SqFt 6177 SqFt Lot Age 43	Willow Glen, San Jose 1,518 SqFt $663.86/SqFt 6,414 SqFt Lot Age 58	Cambrian, San Jose 1,431 SqFt $679.98/SqFt 6,754 SqFt Lot Age 56	Blossom Valley, San Jose 2,351 SqFt $406.46/SqFt 6,473 SqFt Lot Age 28

 

We also searched in Saratoga where there were no homes listed as sold within our criteria. Saratoga is a highly desirable area with most of the homes selling closer to the $2 million marker. For more on the current Saratoga market, check out our market analysis page for monthly updates. Cupertino also returned with no results.

Now on to townhomes and condos:

 

Condos & Townhomes for $1 Million
Mountain View 1,146 SqFt $821.26/SqFt 1,865 SqFt Lot Age 26	Sunnyvale 1,745 SqFt $552.64/SqFt 1,335 SqFt Lot Age 13	Los Gatos 1,696 SqFt $576.40/SqFt 1,747 SqFt Lot Age 42	Evergreen, San Jose 2,016 SqFt $468.01/SqFt 1,742 SqFt Lot Age 16
Santa Clara 1,790 SqFt $539.11/SqFt 1,874 SqFt Lot Age 11	Cupertino 1,099 SqFt $862.03/SqFt 2,251 SqFt Lot Age 34	Willow Glen, San Jose 1,954 SqFt $486.69/SqFt 1,742 SqFt Lot Age 40	Cambrian, San Jose 1,535 SqFt $605.86/SqFt 1,562 SqFt Lot Age 8

You’ve heard that prices are a little high in Silicon Valley.  Even with the recession and the “rollback”, this is still true.  So what can you buy for $1 million here?

In Santa Clara County (which is most of “Silicon Valley”), in the last 3 months there were about 50 -75 homes that sold very close to $1 million.  They were spread throughout the county.  Here’s a snapshot of what a million dollar home in Silicon Valley looks like.

(Reminder: these are 2010 figures)

 

Santa Clara County: Home square footage= 2115 Lot square footage = 10,535 Average price per square foot = $531 Average age = 43 years	San Jose as a whole: Home square footage = 2560 Lot square footage = 8343 Av price per SF = $409 Average age = 37
Los Gatos: Home square footage= 1810 Lot square footage = 8866 Average price per square foot = $580 Average age = 57 years	Saratoga: Home square footage= 2055 Lot square footage = 10964 Average price per square foot = $483 Average age = 53 years
Campbell: Home square footage= 2454 Lot square footage = 10,468 Average price per square foot = $418 Average age = 33 years	Palo Alto: Home square footage= 1278 Lot square footage = 6428 Average price per square foot = $816 Average age = 60 years

Depending on where you live, you can get more or less for your money.  In some areas, a million dollar price tag will get you a townhouse rather than a house, too. In some areas, it’s a luxury home, but in many it’s simply a nice, middle-class home.

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