Silicon Valley Real Estate Market Update: San Mateo Leads as Inventory Climbs

Silicon Valley

The Local Lowdown

Quick Take

Single-family median sale prices showed a mixed picture in March, with San Mateo County posting solid gains while Santa Clara and Santa Cruz Counties saw year-over-year declines.
Inventory levels are starting to normalize, with single-family home inventory down nearly 10% year-over-year but climbing steadily as the spring market ramps up.
Single-family homes continue to sell at a rapid pace, with the average listing in San Mateo and Santa Clara Counties selling in just 10 and 8 days, respectively.

Note: You can find the charts and graphs for the Local Lowdown at the end of this section.

San Mateo County leads the charge while other counties pull back

The single-family home market in Silicon Valley showed divergent trends in March as the spring selling season kicked into high gear.

San Mateo County posted a 5.45% year-over-year increase in median sale price, with the median home selling for $2,175,000. Santa Clara County saw a modest 1.65% year-over-year decline, with the median home selling for $2,080,188, while Santa Cruz County experienced a more significant 7.14% drop, with the median home selling for $1,300,000.

The condo market presented a sharp contrast. Santa Cruz County condos soared 46.14% year-over-year to $1,012,000, while San Mateo County condos fell 3.51% to $825,000 and Santa Clara County condos declined 8.13% to $735,000.

Inventory climbs as the spring market heats up

The spring selling season is in full swing, and inventory is responding accordingly.

New single-family listings jumped 34.14% month-over-month, and sold listings increased by 37.05%, signaling strong activity on both sides of the market. There are currently 1,699 single-family homes for sale across Silicon Valley, representing a 9.68% year-over-year decline but a 17.09% month-over-month increase.

The condo market is also seeing more activity, with 769 condos currently for sale, down just 5.30% year-over-year. While inventory levels remain below where they were last year, the gap is narrowing as more sellers enter the market to take advantage of the traditionally busy spring months.

Single-family homes are flying off the shelves

The pace of sales for single-family homes remains blistering across Silicon Valley’s core markets.

In San Mateo and Santa Clara Counties, the average single-family home is selling in just 10 and 8 days, respectively, unchanged from this time last year. Santa Cruz County homes are taking a bit longer at 19 days on average, though this still represents a 26.67% year-over-year increase.

The condo market tells a more complicated story. San Mateo County condos are actually selling faster than last year, with an 18.75% year-over-year decrease in days on market to just 13 days. However, Santa Clara County condos are spending 76.92% more time on the market at 23 days, and Santa Cruz County condos are taking an average of 96 days to sell.

The tale of two markets continues

When determining whether a market is a buyers’ market or a sellers’ market, we look again to the Months of Supply Inventory (MSI) metric. Around three months of MSI is considered a balanced market in California. Less than that generally favors sellers, while more than that favors buyers.

The single-family home market remains firmly in seller’s market territory across Silicon Valley. San Mateo County has just 1.3 months of supply on the market, representing a 23.53% year-over-year decline. Santa Clara County has 1.5 months of supply, unchanged from last year, while Santa Cruz County has 2.5 months of supply, down 24.24% from March 2025.

The condo market offers more options for buyers, with San Mateo County at 3 months of supply, Santa Clara County at 3.6 months, and Santa Cruz County at 4.1 months. With single-family inventory remaining tight and homes selling quickly, buyers in that segment should be prepared for competition, while condo buyers may find a bit more breathing room to make their decisions.