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Market Update

Santa Clara County


Santa Clara County Real Estate - July 2024 Report

Report Highlights 
❑ The median house sales price in Q2 2024 rose 13% from Q2 2023 to hit a dramatic new high. The median condo sales price also hit a new peak. 
❑ New-listing activity in 2024 is running well above 2023, and the number of homes for sale on July 1st surged 54% year over year. Substantial increases in inventory will typically begin to cool the market and moderate appreciation rates if there is not a commensurate rise in sales activity. But in Q2, Santa Clara remained the most heated county market in the Bay Area. 
❑ Q2 home sales rose 18.5% year over year, while homes selling for $5 million+ soared 63%: The most affluent households have been playing an outsized role in the housing market since late 2023 (when stock markets — and especially Al stocks — began their rocketing ascent). 
❑ The average home sale sold 8% over list price in Q2 2024, the highest overbid % since the pandemic boom. Average days on market were the lowest since Q2 2022. 
❑ The number of price reductions was much higher year over year. Though not especially high by long-term norms, it is an indication of some sellers having to readjust their expectations. 

As of early July, mortgage rates continue to hover around 7%, though hopes remain for at least one reduction in the Fed's benchmark rate in 2024. Stock markets have sustained their extraordinary rise. The homeowner's insurance situation remains challenging, with policies often difficult to locate and increasingly expensive. And the latest Census estimates revealed the Bay Area is growing older, with fewer children and more residents aged 65+. 

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