It seems that we all have our crystal balls when it comes to the future real estate market. Here is my annual summary of the Santa Clara County housing market trend.

The day of the lowest historical interest rate of 2.000-3.000% in 2020 is long over (the only good thing that was the result of #COVID)... And it is never coming back! There are experts at Fannie Mae who predict that the housing market will continue to increase through 2026. (Follow me for my future blogs).

The drastic rates increased since then, has many speculated (or hoped) that the real estate market will crash, slow down... In reality, the demand for housings in Santa Clara County/Bay Area is not slowing down, despite of the increase interest rates we saw in the beginning of 2023.

Compared to previous years, we saw only 8,567 (detached) Single Family Homes for sale in Santa Clara County, while the median sale prices remain unchanged. That is ~ 25% less homes for sale. For a county with approximately 1.2M of people, these statistic does not indicate a slowdown, but rather another active market in 2024.

Year | # of For Sales | # of SOLD | Median Price | Avg Price

2023 | 8567 | 7124 | $1,740,000 | $2,088,908

2022 | 11398 | 8939 | $1,750,000 | $2,108,592

2021 | 13535 | 12641 | $1,615,000 | $1,993,503

2020 | 11890 | 9761 | $1,375,000 | $1,736,559

If you are thinking about selling or buying, we can help you strategize.

#bayarearealestate #sanjoserealestate #bayareahomes #bayarearealtor #markettrends #nickphamrealtor