We’re not out of the woods yet.

Driven by a local boom in the AI field, Santa Clara County median house and townhouse sales prices spiked 9% over 2023, topping $1.8 million and setting all-time highs. And while the median condo price was basically unchanged, the numbers of new listings and sales rose substantially. Still, sales volume remained well below what we’ve come to expect, and time on the market did not substantially drop.

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Investing in home.

According to recent reports, homeownership remains one of the best ways to protect your finances against inflation, helping you build wealth over time. In 2019, homeowners had a net worth 40 times greater than renters, and this gap is expected to widen even more by the end of 2024.

Unfortunately, as rising home prices and interest rates make affordability a challenge, people are waiting longer to make this investment, with the median age of first-time homebuyers increasing to 38. If you’re ready to take the leap, we’re ready to help!

Source: Median Net Worth from Federal Reserve Survey of Consumer Finance, NAR

Market Update: August 2024

The numbers are in from August, and sales of single family homes continue to be on the rise in both Santa Clara and San Mateo Counties, the heart of Silicon Valley. And from the Good News for Buyers department, prices have leveled off and even come down in some areas year over year. You can also expect to have a little more time to poke around as properties spend more days on the market.

New insights.

According to a new report from Freddie Mac, 30-year mortgage rates are projected to gradually decline in coming quarters, which could trigger a surge in buyer demand, primarily from first timers. However, a tight inventory will lead to only moderate sales increases, with prices rising 2.1% in 2024.

Meanwhile, boosted by an “AI boom,” median sales prices in the San José metro area are the first to exceed $2 million, and Silicon Valley’s appreciation rate is among the highest in the nation. Overall, 89% of U.S. metro areas saw year-over-year price gains.

Santa Clara County Rising

The Silicon Valley housing market continues its long rebound, with May seeing year-over-year increases in sales and median prices for both homes and condos in Santa Clara County. But you’ll need to act fast to have a chance at one of these properties because they’re spending less and less time on the block!