Published October 11, 2026 in Market Update

More listings are back in Core Silicon Valley, but buyers are still active

By Brad Bell

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

The one thing that changed most this period: there are more homes to choose from. The Real Estate Data Aggregator counted 656 homes for sale across Core Silicon Valley in the three months ending August 31, 2026. That is up 44.2% from the same months of 2025. More supply usually means sellers have to work harder. It does not mean buyers have left.

Here is why that matters more than it might look. The Real Estate Data Aggregator also counted 1,000 pending sales in the same period, up 4.1% from a year before. Buyers are still signing contracts. The market has more inventory and more activity at the same time.

Nationally, Realtor.com reported active listings grew 5.5% year over year, topping 1.16 million homes for sale. Core Silicon Valley's 44.2% inventory gain is running well ahead of that national pace. More homes are coming to market here than in most of the country.

Rates are higher. That is part of the story.

CNBC reported the average contract rate on a 30-year fixed mortgage with a conforming balance rose to 7.49% in the week ending October 7, 2026. Realtor.com put the national 30-year rate at 7.40% as of October 8, 2026. Rates at that level slow some buyers down. They do not explain pending sales that are still rising here.

CNBC also reported that applications to purchase a home declined 2% for that same week. That is a national figure. The Real Estate Data Aggregator's local pending count, which is a direct count of this market's homes going under contract, tells a different story for Core Silicon Valley.

What the ZIP codes show

Not every ZIP moved the same way. Some are tighter than the overall picture. Some have more room. Here is where each one landed on median price and days on market.

Where homes are still moving fast

ZIP 95129, the West San Jose area feeding Lynbrook schools, had a median of 13 days on market, unchanged from a year ago. The Real Estate Data Aggregator counted 71.7% of homes there selling above list price. That is the highest share in this group, and it rose 4 points from 2025.

ZIP 95014, which covers Cupertino proper, had the highest median price at $2,860,000. It also had the largest inventory gain in the group, up 142.9% from a year ago. More supply at the top of the price range means buyers there have real choices now. Pricing against actual comps matters more than it did a year ago.

Days on market crept up almost everywhere

Most ZIPs added days compared with a year ago. ZIP 95050 added 9 days. ZIP 95125 and 95124 each added 7 days. ZIP 95128 was the one exception, coming in 1 day shorter than a year ago. More days on market does not mean homes are failing. It means buyers are taking a little more time. Priced right, homes still sell.

For sellers: pricing and prep are doing more work now

Nationally, Realtor.com reported that 20.8% of listings took a price cut in September 2026, the highest share since October 2022. That is a national number, not a local one. But it is a signal about what happens when a home is priced ahead of the market.

Across Core Silicon Valley, the Real Estate Data Aggregator counted sale-to-list ratios still above 100% in most ZIPs. ZIP 95129 was at 105%. ZIP 95014 was at 104.9%. ZIP 95051 was at 104%. Those are not signs of a market in trouble. They are signs that well-priced homes still attract competition. The gap between those ZIPs and ZIP 95126 at 99.5% shows how much the price point and the location still matter.

For buyers: more to look at, but the fast ones are still fast

More inventory is real. The Real Estate Data Aggregator counted 1,187 new listings across these ZIPs in the three months ending August 31, 2026, up 14.2% from a year ago. That gives buyers more options than they had in 2025.

Even so, ZIP 95129 saw 57.9% of homes go under contract within two weeks of listing. ZIP 95014 was at 46.2%. ZIP 95124 was at 47.4%. In those areas, the window to decide is still short. More inventory in the market does not mean more time on the homes that are priced well.

One street can read differently from the whole ZIP code. The numbers above are for the period as a whole. Your block, your school zone and your price point may tell a different story. If you want to know what the data shows for your specific address, send me a note.