November 2024 continued the pattern that has defined Santa Clara County's real estate market throughout the year: strong demand meeting limited supply, resulting in sustained price appreciation and competitive conditions for well-positioned properties. Here is what the latest data reveals.
Median Prices and Appreciation
The median sale price for single-family homes in Santa Clara County reached approximately $1.95 million in November, representing year-over-year appreciation of roughly 9 percent. This figure underscores the enduring strength of Silicon Valley's housing market, driven by the region's unmatched concentration of technology employment and high-earning households.
Cupertino, Los Altos, and Saratoga led the county with median prices above $3 million, while San Jose's diverse neighborhoods offered a wider range from approximately $1.1 million in some areas to over $2 million in the Willow Glen and Almaden Valley neighborhoods.
Inventory Snapshot
Active inventory at the end of November stood at approximately 650 single-family listings county-wide, translating to roughly 1.4 months of supply. This figure is slightly higher than November 2023 but remains deeply in seller's market territory. The slight inventory increase has not meaningfully softened pricing; rather, it has given buyers marginally more options without alleviating the fundamental supply constraint.
New listings in November totaled approximately 480, down from October's 550 but consistent with seasonal patterns. Sellers who list during the holiday season often face less competition from other listings, creating an opportunity for well-prepared properties to capture attention from serious, motivated buyers.
Days on Market and Sale-to-List Ratio
The average days on market for sold properties was 19 days, essentially unchanged from October. Properties in the most competitive segments, particularly single-family homes between $1.5 million and $2.5 million in communities with top-rated schools, continued to sell in under two weeks with multiple offers.
The county-wide sale-to-list price ratio was 104.2 percent, meaning the average home sold for more than 4 percent above its asking price. In Cupertino and parts of West San Jose, this ratio exceeded 108 percent for properties in the Cupertino Union School District.
The Condo and Townhouse Market
The attached-home market showed slightly different dynamics. Median condo and townhouse prices held steady at approximately $980,000, with a more balanced 2.1 months of supply. This segment offers the primary entry point for first-time buyers in Silicon Valley, and demand remains solid, though buyers in this segment have more negotiating leverage than those competing for single-family homes.
Interest Rate Impact
Mortgage rates fluctuated between 6.5 and 6.9 percent during November. While rates remain elevated by recent historical standards, they have had less impact on the Silicon Valley market than on more rate-sensitive regions. The prevalence of cash offers and large down payments among Peninsula buyers means that a significant portion of transactions are less affected by rate movements. For financed buyers, rate buydowns and adjustable-rate mortgages have become popular tools for managing monthly payments.
Looking Forward
December typically brings a seasonal slowdown in both listings and closings, but the underlying fundamentals remain firmly in place. Limited supply, strong employment, and sustained demand from both domestic and international buyers position Santa Clara County for another active year in 2025. For buyers and sellers alike, understanding the data at the neighborhood level is the key to making informed decisions.