Published October 4, 2026 in Market Update

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

By Brad Bell

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

These numbers cover the three months ending July 31, 2026. That is the period to keep in mind as you read.

The Real Estate Data Aggregator counted 605 homes for sale across Core Silicon Valley in that period. That is up 23% from the same months of 2025. More supply usually means buyers slow down. Here, they did not.

The Real Estate Data Aggregator shows pending sales at 1,069, up 3.2% from a year ago. Buyers are writing offers even as more homes come to market. That is the main thing to hold onto.

Nationally, Realtor.com reported that mortgage rates topped 7% in September 2026, the first time since January 2025. That is real pressure on buyers. The fact that pending sales still rose here says something about demand in this part of Silicon Valley.

Redfin reported San Jose home prices rose 0.9% month over month on a seasonally adjusted basis in August. That is a small move, but it is in the right direction for sellers.

What more inventory actually means for sellers

More listings mean your home has more competition than it did a year ago. That is the honest read. Pricing and preparation matter more now, because buyers have choices.

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 figure, not this market. But it is a signal about what happens when a home is priced past where buyers are willing to go.

How each ZIP code read

The market-wide numbers smooth over real differences. Here is what the Real Estate Data Aggregator showed ZIP by ZIP for the three months ending July 31, 2026.

Several ZIPs saw prices dip from a year ago. A few saw them rise. The direction varied, but the volume of sales held up across most of them.

Where homes sold fastest

95129 moved fastest at 13 days. 95126 and 94086 sat longest at 28 days each. Days on market crept up in most ZIPs compared to a year ago, which fits the picture of buyers taking a little more time.

Are buyers still paying over list?

In most ZIPs, yes. The Real Estate Data Aggregator shows sale-to-list ratios above 100% in every ZIP in this market for the three months ending July 31, 2026. That means the average home sold for more than its asking price.

95014 led at 105.3% of list. 95128 was lowest at 100.6%, still above asking. Selling above list is not guaranteed, but it is still the norm here.

Share of homes that sold above list

95129 had 67.1% of homes sell above list. 95126 was lowest at 30.6%. That gap is wide. The ZIP code your home sits in shapes what you can expect.

Inventory grew, but not everywhere

The 23% rise in homes for sale is a market-wide figure. Some ZIPs saw inventory nearly double. A few actually had fewer homes for sale than a year ago.

95014 saw homes for sale nearly double, up 96.7%. 95032 and 95124 actually had fewer homes for sale than a year ago, down 20.4% and 19.6%. Less inventory there, more competition for buyers.

Speed, price and supply: how the ZIPs stack up

The broader picture

The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. Silicon Valley's own numbers are mixed by ZIP, but the national floor is holding.

Realtor.com reported active listings nationally grew 5.5% year over year, topping 1.16 million homes for sale. The supply trend is national, not just local.

One street can read very differently from the ZIP code around it. If you want to know what your block looks like, send me your address.