Housing Market Update - What's Up In Santa Clara County?

It’s time for a good old fashion housing market update! This year's been all about steady growth, which is boring but probably best case scenario. Home prices in Santa Clara County are up about 10% compared to last year. While it’s not the wild 20%+ appreciation we’ve seen in the past, it’s a strong pace—great news for homeowners and buyers alike.

Here's the latest numbers:

Homes Sold: 996 last month, compared to 810 during the same time in 2023.
Average Price: $1,947,254, with homes selling about 4% over the list price.
Mortgage Rates: Still hovering around 6% for well-qualified buyers. While many hope for significant rate drops, experts agree and predict a downward movement in 2025. But honestly, I've been hearing that same story for over a year now so I would not wait for rates to go down, you might be waiting and waiting.

Looking ahead, spring 2025 is shaping up to be a hot market. The typical buying and selling season runs from February through May, and I expect prices to rise even further as competition heats up. If you’re thinking about buying, now is a good time to start planning before the rush. This past week we got two buyers into homes BELOW the list price, so there's opportunity out there right now. Sellers, holding off a month or two into early 2025 could position you to maximize your return (you're rich!), reply here for some good strategies.

That's it! Get back to your life! Random thought here, housing is so expensive but I golfed on Friday in South San Jose and it was almost 70 degrees. In December. We live in an awesome place, folks. Enjoy it!