Founder and Managing Partner
The median home price in Santa Clara County is now $2 million, and it’s due to a combination of things.
It’s a tech spot — home to Apple, Nvidia, AMD, Google, Supermicro and Intuit, among others.
It’s also where home buyers are competing for a small number of homes, and that’s driving up prices.
“It’s a milestone, and inevitable at the same time,” Holly Barr of Compass Real Estate, said. “People have been waiting to buy a house, and I think stocks have gone up, so people have more money to spend. I’m seeing 50% down payments, I’m seeing 100%, as always, all cash.”
“Its not a milestone, it’s the way the market is, and what’s driving this market is low inventory,” Michelle Perry, president of the Santa Clara County Association of Realtors, said.
Low inventory, which is why realtors say they’re still seeing multiple offers, and higher prices for almost every sale.
But, according to the Santa Clara County Association of Realtors, home prices have also been volatile. Which makes trying to time this market dangerous.
“Two million dollars, I think that will probably change within the next 30 days,” Perry said.
It also explains why in recent months, several would-be home buyers say that until they see more inventory on the market to bring prices down, they’ll rent.