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Silicon Valley real estate is sending mixed signals right now. From San Jose to the broader South Bay, the market frenzy is starting to fade, but the data shows it hasn’t broken yet. If you are looking to buy or sell a home, here is exactly what is happening on the ground in our local market.
The Big Picture: Steady Home Prices
Despite shifts in the market, home prices are hanging tough. In San Jose, the median home price is staying flat for the most part this year, holding steady at $1.46 million.
The Shift: Lower List Prices & More Price Cuts
So, what is changing? The shift is happening in how homes are being priced and adjusted:
- List Price Drops: Initial list prices have dropped 5% year-over-year.
- Rising Price Cuts: Price cuts are on the rise, jumping 18% since last year.
The Good News for Buyers: Bidding Wars are Cooling Down
If you have been exhausted by the ultra-competitive Silicon Valley market, there is some relief. The intense bidding war frenzy is beginning to fade. Last year, a staggering 74% of homes received multiple offers. This year, that number has dropped to 64%. While 64% is still a significant number, the overall odds of getting caught in an intense bidding war are coming down.
The Reality for Sellers: You Still Have the Upper Hand
If you are thinking of selling, don’t worry—the market is far from a crash. Sellers still hold the upper hand in Silicon Valley for a few key reasons:
- Tight Inventory: Inventory remains very tight, keeping demand high.
- Fast Sales: Most homes are still moving quickly, selling in just under 60 days.
- Strong Offers: Because supply is limited, buyers are still bidding at asking price, which is keeping those overall home values steady.
What This Means For You
The housing market is changing, meaning both buyers and sellers need the most up-to-date, accurate information to make smart decisions.
Navigating these shifts requires the right strategy. If you want to stay ahead of the Silicon Valley real estate market, keep following along for the latest updates, or reach out to discuss your specific neighborhood!
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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
