Santa Clara County’s Median Home Price Reaches $2 Million

The median home price in Santa Clara County has reached $2 million, driven by several factors.

The area is a major tech hub, hosting companies like Apple, Nvidia, AMD, Google, Supermicro, and Intuit, among others.

There is also fierce competition among home buyers for a limited supply of homes, pushing prices higher.

“It’s a significant milestone, but it was bound to happen,” said Holly Barr of Compass Real Estate. “Many people have been waiting to purchase a house, and with stock prices rising, they have more money to spend. I’m seeing buyers making 50% down payments, and as usual, many are paying entirely in cash.”

“It’s not a milestone, it’s just the current state of the market, driven by low inventory,” said Michelle Perry, president of the Santa Clara County Association of Realtors.

Realtors attribute the ongoing multiple offers and rising prices for nearly every sale to this low inventory.

However, the Santa Clara County Association of Realtors notes that home prices have been volatile, making it risky to try to time the market.

“I think two million dollars could change within the next 30 days,” Perry stated.

This situation also explains why many potential home buyers have decided to rent instead, waiting for more inventory to enter the market and reduce prices.