The Local Lowdown: August 2025

Michelle Kim | September 1, 2025

The Local Lowdown

Quick Take:

Median sale prices in Santa Clara County continue their impressive growth streak
Inventories remain higher on a year-over-year basis
Listings are spending more time on the market across the board

Santa Clara County median sale prices haven’t decreased in more than 12 months

While median sale prices have remained incredibly resilient throughout Silicon Valley, the single-family home market in Santa Clara County has remained incredibly strong. In fact, we haven’t seen median sale prices for single-family homes in Santa Clara County decrease on a year-over-year basis in more than a year. This steady up and to the right trajectory is astounding, given the inventory headwinds that the real estate market has experienced lately. However, it is worth noting that while Santa Clara County real estate has performed spectacularly, the entire Silicon Valley has more than retained its value throughout the same time period.

Inventories grow as fewer homes sell throughout Silicon Valley

Although median sale prices are holding strong in Silicon Valley, the area is experiencing the same phenomenon that much of the Bay Area is seeing. That phenomenon is the rise in inventories! The Silicon Valley single-family home market had 7.63% more inventory on the market in July on a year-over-year basis. The condo market saw an even steeper 25.86% increase. These increases can largely be attributed to the fact that homes aren’t selling as quickly as they were last year. In July, there were 2.64% fewer single-family homes sold and 21.76% fewer condos sold when compared to last year!

As inventories grow, listings continue to spend more time on the market

As you might already know, an increase in inventories often comes hand-in-hand with an increase in the amount of time it takes a listing to sell. The Silicon Valley market has largely not been an exception to this rule. Single-family homes in San Mateo and Santa Clara Counties are spending more time on the market than they were last year, while the amount of time homes in Santa Cruz County spend on the market has remained unchanged. With that being said, the single-family home market is still hot, with the average home being sold in less than 2.5 weeks throughout the entire Silicon Valley.

The single-family home market in San Mateo and Santa Clara Counties remains profoundly competitive

When determining whether a market is a buyers’ market or a sellers’ market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller’s market, whereas markets with more than three months of MSI are considered buyers’ markets.

San Mateo and Santa Clara County single-family home markets have been incredibly hot for quite some time, and that trend has continued. They remain fiercely competitive markets, with just 1.7 and 1.5 months' worth of supply listed on the market. The single-family home market in Santa Cruz County is more buyer-driven, with 4.3 months' worth of supply on the market. Lastly, the condo market is entirely buyer-driven, with 3.6 months of supply on the market in San Mateo County, 3.4 months of supply on the market in Santa Clara County, and 5.7 months of supply on the market in Santa Cruz County.

Local Lowdown Data

Chart comparing monthly condo days on market in San Mateo, Santa Clara, and Santa Cruz from July 2023 to July 2025. Silicon Valley condo inventory chart comparing monthly new listings, sold listings, and homes for sale from July 2023 to July 2025. Silicon Valley condo median price changes year over year, August 2024 to July 2025. Line chart comparing monthly days on market for San Mateo, Santa Clara, and Santa Cruz from July 2023 to July 2025. Line chart of monthly median condo prices in San Mateo, Santa Clara, and Santa Cruz, July 2022–July 2025. Chart of year-over-year Silicon Valley single-family home median price changes by county, August 2024 to July 2025. Line chart comparing three years of monthly single-family home prices in San Mateo, Santa Clara, and Santa Cruz. Line chart of monthly condo supply in three counties, July 2023–July 2025; Santa Cruz peaks near 6.5 months in May 2025. Line chart of monthly Silicon Valley home supply, July 2023–July 2025; Santa Cruz remains highest and peaks in June 2025. Chart comparing Silicon Valley single-family home listings, sales, and for-sale inventory from July 2023 to July 2025.