Published October 2, 2026 in Market Update

Core Silicon Valley has more listings, but buyers are still showing up

By Brad Bell

Real estate, Core Silicon Valley - $1M-$4M

The one thing that changes what a homeowner should do right now: there are more homes to compete with. The Real Estate Data Aggregator counted 605 homes for sale across Core Silicon Valley in the three months ending July 31, 2026. That is up 23% from the same months in 2025. More choices on the market means buyers can be more selective about price and condition.

That said, demand has not gone away. The Real Estate Data Aggregator counted 1,069 pending sales across these same ZIP codes in the three months ending July 31, 2026, up 3.2% from a year before. Realtor.com reported that active listings nationwide grew 5.5% year over year, topping 1.16 million homes. Core Silicon Valley's 23% inventory jump is well ahead of that national pace, which means sellers here are feeling more pressure than the national picture suggests.

One more thing to keep in mind: Realtor.com reported in September 2026 that mortgage rates topped 7% for the first time since January 2025. That slows some buyers. It has not stopped them here, but it does mean buyers who need financing are working with a tighter budget than they were a year ago.

Where inventory jumped the most

Not every ZIP code moved the same way. The Real Estate Data Aggregator shows homes for sale in 95014, the Cupertino schools area, nearly doubled, up 96.7%. That is the sharpest rise in this group. West San Jose's 95129, also in the Cupertino schools area, saw inventory up 52.9% but still had only 1.1 months of supply, the tightest in the market. Those two facts sit side by side: more listings, and still very little slack.

Two ZIP codes actually saw inventory shrink. The Real Estate Data Aggregator shows 95124, the Blossom Manor and south Campbell border area, with homes for sale down 19.6%. And 95032, Los Gatos flats, was down 20.4%. Both of those also had the lowest months of supply in the group: 0.9 months for 95124 and 1.3 months for 95032.

Prices: mixed, not crashing

Some ZIP codes saw prices dip. Some rose. The Real Estate Data Aggregator shows 95014 with a median sale price of $3,009,500, down 3.5% from a year ago. The 94086 Sunnyvale ZIP came in at $1,660,000, down 21%. That is a large drop, and it is worth noting that a shift in the mix of homes that sold can move the median even when individual home values hold steady. The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026, so a 21% drop in one ZIP's median is not a market-wide signal.

On the other side, 95032 in the Los Gatos flats saw its median rise 12.5% to $2,700,000. And 95051 in Santa Clara was up 6.2% to $1,880,250. Both also had more than half of homes selling above list price. The Real Estate Data Aggregator shows 95032 at 45.6% above list, up 10 points from a year ago.

How fast homes are moving

Days on market crept up in most ZIP codes. That is the clearest sign that buyers have a little more time to decide. The Real Estate Data Aggregator shows 95128 at 26 days, up 13 days from a year ago. The 94086 Sunnyvale ZIP came in at 28 days, up 10 days. At the other end, 95129 in West San Jose sat at 13 days, the fastest in the group.

Homes selling above list price is another read on buyer competition. The Real Estate Data Aggregator shows 95129 at 67.1% of homes selling above list, the highest in the group. That is down 6.8 points from a year ago, but still means two in three homes there drew offers over asking. The 95014 Cupertino area came in at 60%, up 4.6 points.

The national picture adds context

Redfin reported that San Jose home prices rose 0.9% month over month on a seasonally adjusted basis in August 2026. Redfin also reported that U.S. home prices rose 3.7% year over year in August, the fastest annual growth rate in a year. The Federal Housing Finance Agency put the national year-over-year gain at 2.6% through July 2026. Core Silicon Valley is not moving against those trends. It is just dealing with more local inventory than the national numbers capture.

Realtor.com also reported that 20.8% of listings nationally took a price cut in September 2026, the highest share since October 2022. That is a national figure. This market's sale-to-list ratios are still above 100% in every ZIP the Real Estate Data Aggregator tracks here, which tells a different story locally.