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Here is a quick summary of single-family homes sold in Santa Clara County in 2024 vs 2023.
Home Prices and Sales Activity:
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Price Growth: In 2024, the median home price was $1.9 million, a 9.4% increase from $1.74 million in 2023.
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Sales Volume: Home sales in 2024 were 8,304, an increase of 16.5% from 7,128 in 2023. (MLS listings data)
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Price per square foot: The price per SF in 2024 was $1,183
an increase of 9.63% from $1,079 in 2023. (MLS listings data)
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Total Sales Volume of Single Family Homes: $19.054B in 2024 vs $14.88B in 2023 - an increase of 28%. (MLS listings data)
Market Dynamics:
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Inventory Levels: Active listings decreased 7.8% year-over-year, from 9,957 in 2024 to 9,237 in 2023. The inventory remains low relative to demand, contributing to ongoing competition among buyers. (MLS listings data)
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Days on Market (DOM): On average, homes sold within 9.24 days in 2024, compared with 10 days in 2023. This indicates that homes sold even faster in 2024, reinforcing the trend of well-priced homes moving quickly. Also, compared to the national average of 61 days, the demand in this area remains significantly higher.
(MLS listings data)
Interest Rates and Affordability:
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Mortgage Rates: In 2024, mortgage rates in the Bay Area experienced notable fluctuations, influenced by broader economic trends and Federal Reserve policies. The average 30-year fixed mortgage rate was approximately 6.1% at the beginning of the year. Rates peaked around 6.79% in October, declining to 6.6% in December. Current 30-year mortgage rates in 2025 are approximately 6.5%. The rates don't reflect concessions/discount points due to relationship banking or moving new funds.
Outlook for 2025:
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Price Growth: The year-to-date 2025 median price has climbed to $2.1M, a 10% increase from $1.9M in 2024. The increase is a combination of renewed buyer confidence post-election, soaring tech stock valuations, and the displacement (12,000 structures) caused by Southern California wildfires, causing some families to relocate to the Bay Area
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Sales Growth: Industry experts anticipate a 15% increase in closed sales for Silicon Valley in 2025, outperforming national trends.
paloaltoonline.com
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Seller's Market: The combination of sustained demand and limited supply is expected to maintain favorable conditions for sellers throughout 2025.
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Mortgage rates may stabilize around 6%, potentially enhancing affordability for buyers compared to higher rates experienced in previous years.
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Home insurance rates may increase by 15% to 20%, as many insurance companies are not renewing policies and continue to raise rates.
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Tariffs: A 30-day delay in implementing tariffs on Canadian lumber shipments to the US has introduced uncertainty, with potential impacts on the future pricing of lumber
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Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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