What the Silicon Valley price trend shows
Prices have stalled at a high level rather than fallen sharply. Zillow's typical home value for the San Jose metro, its Silicon Valley series, was $1,523,615 in September 2026. That is 0.2% higher than a year earlier, 16.4% higher than five years earlier and 80.1% higher than ten years earlier. The series peaked at $1,591,642 in January 2025 and has eased about 4.3% since.
Redfin's monthly figures for Santa Clara County show the same shape with more seasonal swing. The county median sale price reached $1,750,000 in April 2025, the highest month in the data we hold back to mid-2023. It was $1,700,000 in April 2026 and $1,568,490 in September 2026, 4.7% lower than September 2025's $1,645,500. Spring is the peak season here each year, and autumn medians run lower, so compare the same month across years.
| Santa Clara County (Redfin) | Sept 2024 | Sept 2025 | Sept 2026 |
|---|---|---|---|
| Median sale price | $1,550,000 | $1,645,500 | $1,568,490 |
| Homes for sale | 1,875 | 1,711 | 2,303 |
| Homes sold | 968 | 1,016 | 1,045 |
| Median days on market | 15 | 17 | 19 |
| Share sold above list | 60.9% | 47.9% | 49.5% |
Sale speed, price cuts and inventory in Silicon Valley
How fast Silicon Valley homes sell
Redfin's median days on market for the county was 19 in September 2026, up from 17 a year earlier and 15 two years earlier. Homes still sold at 102.3% of list price on average. Zillow's metro measure, the mean days from listing to pending, was 36 in September 2026.
Price cuts in Silicon Valley
Zillow reports that 22.5% of San Jose metro listings had a price cut in September 2026. Its metro sale-to-list ratio was 102.1% in August 2026. So most homes still sell near or above the asking price, but about one listing in five is priced too high at first.
Inventory in Silicon Valley
Supply has grown. Redfin counted 2,303 homes for sale in Santa Clara County in September 2026, 34.6% more than a year earlier, and 1,404 new listings in the month. That is still only a 2.2-month supply, which by the usual rule of thumb is a seller's market. Zillow counted 2,984 active listings across its San Jose metro in September 2026.
Bidding in the north and south of Silicon Valley
Competition is far from even. In Redfin's three months to September 2026, 60.7% of Sunnyvale homes, 60.0% in Los Altos, 58.7% in Palo Alto and 55.5% in Mountain View sold above list. In Campbell it was 37.1%, in Gilroy 38.8% and in Morgan Hill 34.9%, where the average sale came in just under the asking price. A buyer moving between these markets should change the offer plan, not just the budget.
Silicon Valley home prices by city and ZIP
Redfin's rolling three-month figures to September 30, 2026 show prices moving in different directions across the valley.
| City | Median sale price | Change on a year | Homes sold | Sale-to-list |
|---|---|---|---|---|
| San Jose | $1,349,357 | -5.0% | 1,489 | 101.1% |
| Sunnyvale | $1,884,103 | +4.1% | 233 | 104.1% |
| Santa Clara | $1,643,717 | -0.7% | 195 | 103.1% |
| Palo Alto | $3,608,282 | +0.9% | 135 | 107.1% |
| Mountain View | $1,836,625 | +9.7% | 130 | 105.1% |
| Milpitas | $1,287,887 | -9.4% | 99 | 100.9% |
| Cupertino | $2,848,643 | -6.9% | 76 | 105.4% |
| Los Altos | $4,617,801 | +11.9% | 76 | 106.3% |
| Saratoga | $3,863,160 | -2.5% | 79 | 101.5% |
| Los Gatos | $2,438,839 | -3.4% | 65 | 102.4% |
| Campbell | $1,827,740 | -3.2% | 71 | 100.5% |
| Morgan Hill | $1,281,890 | -2.0% | 108 | 99.9% |
| Gilroy | $1,073,989 | -2.2% | 100 | 100.0% |
Where Silicon Valley prices rose
Los Altos and Mountain View led the larger cities. Among ZIPs with 40 or more sales, 94024 in Los Altos rose 20.1% to $4,863,571, with homes selling in a median eight days. 95129 in west San Jose rose 6.9% to $2,474,273 and 94306 in Palo Alto 6.0% to $3,413,997. Mountain View's 94040 showed a 67.2% jump to $2,926,140, but with only 52 sales that likely reflects a change in the mix of homes sold rather than a real price change of that size.
Where Silicon Valley prices fell
The largest drops were in San Jose ZIPs with many condos and townhouses: 95126 fell 20.7% to $999,706, 95136 fell 17.6% to $1,194,093 and 95128 fell 15.4% to $1,249,633. In those ZIPs homes sold at or near list price and took about four weeks. Our Silicon Valley ZIP code guide has every ZIP.
Silicon Valley segments: houses, townhouses, condos and luxury
Single-family homes in Silicon Valley
Redfin's county median for a single-family home was $1,868,636 in September 2026, down 4.3% on a year, at $1,091 a square foot. They sold in a median 15 days and 55.2% went above list.
Condos and townhouses in Silicon Valley
The condo median was $667,393, down 12.1%, and took 46 days. Townhouses were $1,158,024, down 9.5%. Our Silicon Valley condos guide covers the condo market by ZIP.
Luxury homes in Silicon Valley
At the top, Los Altos Hills had a three-month median of $6,746,787 on 27 sales, 20.5% higher than a year earlier, and Monte Sereno $4,198,001 on 13 sales. With so few sales, one large estate can move these figures a lot.
Is now a good time to buy in Silicon Valley?
For buyers, there were more homes for sale in September 2026 than in any September in our Redfin data since 2023, a third more than a year ago, and condo and townhouse prices have fallen. A smaller share of homes sell above list than in 2024. The cost is the rate: Freddie Mac's 30-year average was 7.24% in the week of October 29, 2026, so the payment on the metro's typical home with 20% down is about $8,307 a month before tax and insurance.
Whether it is a good time for you depends on how long you will stay and whether the payment fits your budget, not on timing the market. Buyers of condos and in the south county have the most negotiating room; detached houses in the north county still draw multiple offers. Our first-time buyer guide covers California's assistance programs.
Is now a good time to sell in Silicon Valley?
For sellers of single-family homes, demand is still strong: a median 15 days on market and more than half selling above list in September 2026. For sellers of condos and townhouses, the picture is weaker, with falling medians and slower sales. Rising inventory means pricing right at launch matters more than in 2024, when 60.9% of homes sold above list in September. Long-time owners should read our capital gains guide and the Prop 19 guide before deciding.
Silicon Valley housing market forecast
We do not make our own forecast. Zillow's home value forecast for the San Jose metro, published with its September 2026 data, expects the typical value to change by -0.2% by October 2026, -1.0% by December 2026 and +1.9% by September 2027. That is a forecast of a broadly flat market, and like any forecast it can be wrong. Mortgage rates and local hiring will matter more than any model. We update this page monthly from the Santa Clara County market data.