Market Reports

Welcome to the Real Estate Market Update for Santa Clara County for February 2023.

As we begin this year, the Santa Clara County real estate market continues to show signs of stability and strength. The local housing market has remained relatively steady, with high demand for homes and limited inventory keeping prices stable.

In February 2023, the number of homes sold in Santa Clara County increased by 15% compared to the previous month, with a total of 357 homes sold. However, this represents a 34% decrease in home sales compared to the same month last year.

One should make note that we have sold more homes in the last 14 days than the entire month of February.

According to recent data from the Multiple Listing Service, the median home price in Santa Clara County for February 2023 was $1,475,000 (Single Family Homes only), representing an 18% decrease from the previous year. This is still compared to the magical days of 2.75% interest rates and 15,000 on the Nasdaq. This decrease is expected to reduce drastically as we approach months that have the same type of rates available as we do today.

One factor contributing to the limited inventory of available homes is the ongoing trend of homeowners choosing to stay in their homes for longer periods of time and keeping their current homes for rent. This trend has reduced the number of available homes on the market, contributing to the current supply and demand dynamics.

Despite the limited inventory, the Santa Clara County housing market remains attractive to both buyers and investors due to its strong economy, desirable location, and high quality of life.

In summary, the Santa Clara County real estate market continues to show resilience and strength in the face of ongoing challenges. While limited inventory is contributing to high prices and competition for available homes, the strong demand and desirable location of the area make it an attractive market for both buyers and investors.