Silicon Valley Real Estate Market April 2023

Interest rates are stabilizing and more buyers coming back to the market. Inventory is extremely low, pushed up number of offers. Prices are lower than same time last year, most areas are down by 10% to 20%. Sellers can definitely feel the difference. Buyers, on the other hand, due to higher rates, the payments are also higher.

Townhome and condo market are still softer compared to single family homes. If a buyer can qualify for a loan, there are more opportunities to get into the market than the last couple of years. 

The first time home buyer down payment assist program came and went quickly when the funding got used up. A few transactions fell through because of it. When the buyers got into contract, realized the program is no longer available for them, had to back out of the contract.

Below are median sale price for the two counties since 2020. Also stats for the last 13 months.

Santa Clara County
last 13 months

Santa Clara County
last 13 months