Santa Clara County's real estate market continued to favor sellers through October 2024, driven by constrained inventory, strong tech-sector employment, and persistent buyer demand in the region's most desirable neighborhoods. Here is a detailed look at the numbers and what they mean for your next move.
Median Prices Continue to Climb
The median single-family home price in Santa Clara County reached approximately $1.85 million in October, representing a 6.2 percent year-over-year increase. The luxury segment performed even stronger, with homes above $3 million seeing a 9 percent price appreciation driven by AI-sector wealth and stock liquidity events at major tech companies.
Palo Alto led the county with a median of $3.95 million, followed by Los Altos at $3.78 million and Saratoga at $3.42 million. Even traditionally more affordable cities like Milpitas and Santa Clara saw median prices push past $1.4 million.
Inventory Remains Historically Low
Active listings in October totaled roughly 1,200 single-family homes countywide, representing about 1.3 months of supply. A balanced market typically shows 4 to 6 months of inventory. This scarcity continues to create competitive dynamics, particularly for well-priced, well-presented homes in top school districts.
New listings did tick up 8 percent compared to October 2023, suggesting some homeowners are testing the market. However, absorption rates kept pace, with many properties receiving multiple offers within the first week of listing.
Days on Market Tell the Story
The average days on market for sold properties dropped to 12 days in October, down from 16 days the same month last year. In cities like Cupertino and Sunnyvale, well-priced homes averaged just 8 days on market before going under contract. This pace reflects the urgency buyers feel in a market where desirable inventory disappears quickly.
Sale-to-List Price Ratio
Across Santa Clara County, the average sale-to-list price ratio held steady at 106.4 percent. In Palo Alto's Crescent Park and Old Palo Alto neighborhoods, the ratio climbed as high as 112 percent for properties priced strategically below market value. Sellers who invested in staging, pre-listing inspections, and strategic pricing consistently achieved the strongest over-asking results.
The Interest Rate Factor
Mortgage rates hovered near 6.8 percent through October, which has kept some entry-level buyers on the sidelines. However, the premium segments of Santa Clara County are less rate-sensitive — many buyers in Palo Alto, Los Altos, and Saratoga purchase with substantial down payments or all cash, insulating the upper market from rate volatility.
What This Means for Sellers
If you have been considering selling, the data supports strong pricing power heading into the holiday season. While spring remains the traditional peak, October's performance demonstrates that well-prepared homes sell quickly and above asking year-round in this market.
What This Means for Buyers
Patience and preparation are essential. Get fully pre-approved, understand your non-negotiables versus nice-to-haves, and be ready to act decisively when the right property appears. In this market, hesitation costs you the home.
I track these numbers at the neighborhood level every month. If you want a hyper-local analysis for your specific area, I am always happy to share what I am seeing on the ground.