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If you’re thinking about buying a home in San Jose’s 95124 ZIP code, you may have noticed that the market felt a little different in July.
And the numbers seem to support that.
Compared with June, fewer homes sold, the average sale price was lower, homes took longer to sell, and buyers weren’t paying quite as far above asking.
Does that mean competition has disappeared?
Not quite.
Homes still sold for an average of 101% of their asking price in July, so buyers should still be prepared for competition on certain properties.
Here’s what changed.
Fewer Homes Sold in July
One of the biggest differences was the number of completed sales.
In June, 50 properties sold.
In July, that number dropped to 28.
That’s a decrease of 22 sales, or 44% month over month.
It’s a noticeable change, but one month of data isn’t enough to tell us exactly why it happened—or whether it will continue.
For buyers, the important question isn’t simply how many homes sold last month. It’s how much inventory is available now and how much competition exists for the type of home you’re trying to buy.
Average Sale Prices Came Down
We also saw a change in average sale prices.
The average sale price decreased from $2.04 million in June to $1.91 million in July.
That’s a difference of approximately $130,000, or 6.4%.
It sounds significant, but there’s an important caveat.
That doesn’t mean the value of a typical 95124 home suddenly dropped 6.4%.
These statistics combine single-family homes, townhomes, and condominiums, and the average can change considerably depending on the mix of properties that happened to close during each month.
If more expensive properties sold in June than July, for example, that alone could move the average.
That’s why buyers should pay much more attention to recent comparable sales for the specific type of home they’re considering.
Asking Prices Were Lower Too
The median list price decreased from $1.72 million in June to $1.65 million in July.
That’s about a 4.1% decrease.
I wouldn’t automatically interpret that as sellers becoming more conservative with their pricing.
It could simply reflect a different mix of properties coming onto the market.
For buyers, however, it’s another reason to look closely at what’s currently available instead of assuming that the pricing environment is exactly the same as it was earlier in the summer.
Buyers Weren’t Paying as Far Above Asking
This is probably one of the more interesting changes.
In June, homes sold for an average of 103.1% of list price.
In July, that dropped to 101%.
Homes were still selling above asking on average—but the premium was smaller.
For buyers, that could mean a little more flexibility on certain properties.
But it definitely doesn’t mean you should automatically offer 101% of asking—or assume you can negotiate every home below list price.
A newly listed property with strong interest may require a very different strategy from one that’s been sitting on the market for several weeks.
The home’s asking price is just the starting point.
Buyers Had More Time
Another noticeable change was days on market.
Homes averaged 22 days on the market in June and 31 days in July.
That’s nine additional days.
For buyers, that may provide a little more breathing room on some listings.
You may have more time to tour a property, review disclosures, understand potential repairs, compare recent sales, and talk through your financing before making an offer.
And after some of San Jose’s “offers are due approximately five minutes after the open house” markets, a little extra time isn’t necessarily a bad thing. 😅
Just remember that 31 days is an average.
Some properties can still sell very quickly.
So, Is This a Better Market for Buyers?
There are certainly a few encouraging signs.
Compared with June, July had a lower median list price, a lower average sale price, longer market times, and a smaller average premium over asking.
But I wouldn’t call 95124 a buyer’s market based on those numbers alone.
After all, homes still sold for an average of 101% of their asking price.
Instead, July’s data tells buyers something much more useful:
Don’t assume every property requires the same offer strategy.
Some homes may attract multiple offers.
Some may give you time to think.
And some may provide an opportunity to negotiate.
Before deciding what to offer, look at the property’s recent comparable sales, condition, market time, price history, competing inventory, and current buyer interest.
What Does This Mean for Sellers?
For sellers, July reinforces why property-specific pricing and preparation matter.
Homes took longer to sell, fewer transactions closed, and the average premium above asking declined.
That doesn’t mean buyers disappeared.
It means relying on what worked for another property—or what worked earlier in the spring—may not be the best strategy for your home today.
Recent comparable sales, current competition, condition, presentation, and marketing should all factor into your pricing decision.
The Bottom Line
The July numbers show that 95124 was moving at a different pace than it was in June.
Fewer properties sold. The average sale price was lower. Homes took nine days longer to sell, and the average sale-to-list-price ratio declined from 103.1% to 101%.
At the same time, properties were still selling above asking on average.
So I wouldn’t call this a dramatic market cooldown.
I’d call it a reminder that the market is constantly changing—and buyers shouldn’t rely on last month’s strategy for this month’s home.
If you’re considering buying in 95124, let’s look at what’s happening with the specific type of property, price range, and location you’re considering before deciding how aggressive—or how patient—you should be.
Because knowing what’s happening across 95124 is helpful.
Knowing what’s happening with the home you actually want to buy is what can help you make a confident decision.
Market statistics above are based on the June and July 2026 figures provided for ZIP code 95124 and combine multiple property types. Average and median figures can be influenced by the mix of properties listed and sold during each period and should not be interpreted as a change in value for an individual property.
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About the Author – Michelle Elliott
With over 20 years of experience navigating the fast-paced Silicon Valley market, I provide a strategic, results-driven approach to residential real estate. My career is built on a foundation of deep local expertise and a relentless commitment to my clients’ success, resulting in over $235 million in lifetime sales volume and a consistent ranking in the top 3% of agents in Santa Clara County and top 2% at Coldwell Banker. My expertise has been featured on KTVU Fox 2, Real Producers and the Willow Glen Resident. She is also the co-host of the San Jose Podcast “Say What You Want About Real Estate”
A Hyper-Local Expert with Global Reach
I specialize in San Jose, in the neighborhoods of Willow Glen (95125 & 95124) Cambrian Park and Almaden, Downtown San Jose/Japantown (95112) markets. As a certified Luxury Property Specialist with Coldwell Banker Realty, I combine high-end marketing strategies with granular neighborhood knowledge to help my clients achieve premium results.
The “Tiger” at the Negotiating Table
My clients have characterized me as a “tiger” at the negotiating table who remains “sweet and patient” with my clients throughout the process. I pride myself on being a fierce advocate for my buyers and sellers, ensuring the best possible terms in every transaction, and I strive to be the best Realtor in 95125! This balance, drive, and tenacity have earned me consistent 5-star ratings across Google, Zillow, Realtor.com, and Yelp.
Michelle Elliott
Michelle@michelleelliottrealtor.com
1712 Meridian Ave, Ste C, San Jose, CA
DRE 01777533
