Housing Market Update - Santa Clara County

Housing Market Updates! TAYLOR LAMBERT November 24, 2025

Hope you had a fantastic weekend! Here's a quick peek at what’s been happening to the South Bay housing market and the economy in general. I'll try to keep it short!

The Big Picture:

The stock market is doing the Dance of Joy (remember Perfect Strangers?), and both the S&P 500 and Nasdaq have hit new highs over the last month.
Mortgage rates for a 30-year loan dipped to their lowest point in over a year, then back up a bit, while inflation has nudged up slightly to 3 percent. You can still get a mortgage rate in the 5% range as of now, low 5s for some.
The Fed cut rates for the second time this year, though they’re playing it cool about another cut in December.
Consumer confidence is a bit jittery. People are worried about money, jobs, and inflation, but most people's stock portfolio is looking shiny, so people are still out there buying homes.

Santa Clara County Housing Highlights:

Overall, home sales and prices have been pretty steady in 2025, compared to last year (when they shot up like crazy).
Fewer homes went into contract, but luxury home sales are soaring. October set a new record for luxury home sales!
The pending homes ratio, which measures how hot the market is, hit its highest point in six months in October.
Over half of homes sold for more than the asking price.

Seasonal Trends:

From mid-November to mid-January, things usually slow down a bit, but don’t panic. Well-priced, well-prepped, and well-marketed homes can still soar over listing price. If a home has been lingering, this is when buyers get their negotiating hats on. There are still some deals to be had out there if you are buying.

October/November Snapshot for Santa Clara County:

Median home price: $1.6 million, down 1.2 percent from last year (includes SFH, condo, and townhouses).
Homes sold after an average of 16 days on the market.
Total homes sold: 1,103, just slightly lower than last year.

Remember, these stats are like looking at a weather report; they give you a general idea, but every neighborhood, street, and even house is a little different. Want the forecast for your own home? I’m happy to run the numbers and give you the inside scoop. Be well!