Published October 18, 2026 in Market Update

More listings are showing up, but buyers are still writing offers

By Brad Bell

Real estate, Sunnyvale & Santa Clara - $1M+

The one fact that changes what a homeowner should do right now: you have more competition than you did a year ago. The Real Estate Data Aggregator counted 382 new listings across these ZIP codes in the three months ending August 31, 2026, up 21.3% from the same period in 2025. More sellers showed up. That matters when you are pricing.

The other side of that: buyers kept moving. The Real Estate Data Aggregator counted 335 pending sales across Sunnyvale and Santa Clara in the same three months, up 7% from a year before. More choice showed up, and buyers absorbed most of it. This is not a stalled market.

One reason buyers kept going: mortgage rates crossed 7% in September 2026 for the first time since January 2025, according to Realtor.com. That is real pressure. But it did not stop offers from being written here.

Homes for sale across these ZIP codes rose 67.5% year over year, the Real Estate Data Aggregator shows. That sounds large. What it means in practice: buyers have a little more room to compare before they write. A year ago, there was almost nothing to compare.

What each ZIP code looked like

The numbers move differently street by street. Here is what the Real Estate Data Aggregator counted in each ZIP for the three months ending August 31, 2026.

Where prices moved up, and where they slipped

Most ZIP codes saw median prices dip a little compared with a year ago. That is worth saying plainly.

ZIP 95054 stands out. The Real Estate Data Aggregator shows its median sale price up 18% year over year, to $1,550,000. It also had the shortest time on market among the Santa Clara ZIPs, at 20 days, down 7 days from a year before. And 56.7% of homes there sold above list, up 18 points from a year ago. That is a different story from the other ZIPs.

ZIP 94089 saw the largest price dip, down 10.3% to $1,415,000. But it also had the fastest pace of any ZIP in the group: 17 days on market, and 55.6% of homes went under contract within two weeks of listing, the Real Estate Data Aggregator shows. Prices softened, but demand did not disappear.

Buyers are still paying over list in most cases

Every ZIP in this market averaged a sale price above list price in the three months ending August 31, 2026. That is the Real Estate Data Aggregator's count, not an estimate.

ZIP 95051 led at 104% of list. That ZIP also had 56.4% of homes sell above list, even as its median price dipped 3.2% year over year. The dip is in what sellers asked. Buyers still competed once a home was priced.

Speed: most ZIPs are a little slower than last year

Days on market rose in five of the six ZIPs compared with a year ago. That is the honest read. Homes are not sitting, but they are not flying off either.

The national picture, for context

Nationally, pending home sales were down 8.5% year over year in September, according to CNBC. This market moved the other direction: pending sales here were up 7% over the same stretch, the Real Estate Data Aggregator shows. That gap is worth keeping in mind when you read national headlines.

Realtor.com reported that 20.8% of listings nationally had a price cut in September 2026, the highest share since October 2022. That is a real signal about pricing discipline. It does not describe every home or every street here, but it is a reason to price carefully from the start.

Realtor.com also put the San Jose-Sunnyvale-Santa Clara metro median home price at $1,388,472 in September 2026. The ZIP-level medians from the Real Estate Data Aggregator, which run $1,415,000 to $1,805,000 for the three months ending August 31, 2026, sit above that metro figure. This market skews toward the higher end of the metro.

What this means if you own here

You have more competition than a year ago. The Real Estate Data Aggregator counted 67.5% more homes for sale across these ZIPs than in the same period of 2025. That is real. Price at what the comps support, not what you hope the market will meet.

The good news: buyers are still writing offers. Pending sales are up. Sale-to-list ratios are above 100% in every ZIP. A well-priced home is still finding a buyer.

What this means if you are buying here

You have a little more room to look before you decide. Months of supply range from 1.3 to 2.3 across these ZIPs, the Real Estate Data Aggregator shows. That is still a seller's market by any standard measure. But it is not the same as a year ago, when inventory was even thinner.

Rates above 7% are real math. Realtor.com reported that figure for September 2026. Run the numbers on what you can carry before you write, not after.

One more thing: these are ZIP-level numbers. One street can read very differently from the ZIP around it. If you want to know what your block looks like, that is a different conversation.