Mountain View has been one of the stronger examples.

Redfin’s data for the three months ending September 2026 shows a median sale price of about $1.84 million across all home types, up 9.7% from the same period a year earlier. Homes sold in a median of about 12 days.

Sunnyvale also posted year-over-year appreciation. Its median across all home types was approximately $1.88 million, up 4.1%, with homes selling in about 16 days.

Palo Alto was closer to flat, but still slightly positive: approximately $3.61 million, up 0.9% year over year. 

Those numbers do not mean every homeowner in those cities gained the same percentage.

They tell us what happened to the median within that dataset. The mix of properties that sold matters, especially in cities where prices and property types vary widely. Still, they make one thing clear: the countywide decline is not happening uniformly.

Other Areas Are Softer

The picture looks different in San Jose. Redfin’s September 2026 data shows a median sale price of approximately $1.35 million across all home types, down 5.0% year over year.

Santa Clara was much closer to flat, at approximately $1.64 million, down 0.73% year over year.

Again, I would not interpret those percentages as a direct estimate of what any individual home has gained or lost.

San Jose alone contains many different neighborhoods, housing types, school boundaries, lot sizes, and price ranges. Conditions can differ substantially even within the same city.

That is why the city number is a starting point, not a valuation.

One of the more interesting pieces of the September county data is the jump in new listings.

Santa Clara County saw 1,633 new listings, up 15.8% from September 2025. The report’s monthly chart shows 1,633 new listings this September compared with 1,410 a year earlier. 

So buyers, broadly speaking, had more new properties coming onto the market than they did a year ago. But that does not mean every buyer suddenly has plenty of choices. Competition is still very real in certain cities and for certain homes.

Over the three months ending September, Redfin reports that Mountain View homes received about three offers on average, with roughly 63% selling above list price. 

Sunnyvale averaged about four offers, and about 62% sold above asking. Palo Alto also saw roughly 62% of homes sell above list price, with some properties attracting multiple offers.

Santa Clara averaged around four offers per home, with approximately 60% selling above list price.

So I would not describe the current market as one where competition has disappeared. It has become more selective.

Buyers may have more listings to evaluate overall, but the homes they see as the strongest combination of location, condition, presentation, and price can still attract substantial attention.

The Luxury Market Is Telling a Different Story

The higher end is another good example of why averages need context.

In Santa Clara County, the KW report shows 306 active luxury listings at $3 million and above in September 2026, compared with 265 the prior September. At the same time, 60 luxury contracts were signed, compared with 168 a year earlier. 

I would not take one month of data and declare that luxury demand has disappeared. But it does tell us that the $3M+ segment was operating under a very different balance of available listings and signed contracts than it was a year earlier.

For someone buying or selling at that price point, the countywide $1.5M median is not particularly useful on its own.

If you’re a homeowner, I would not take a countywide or citywide percentage and apply it directly to your property.

If Mountain View’s median is up 9.7%, that does not mean every Mountain View home is worth 9.7% more. If San Jose’s median is down 5%, that does not mean every San Jose homeowner has lost 5% in value.

Your home is competing with a much smaller set of properties than an entire city or county.

I would look at the sales buyers and appraisers are most likely to compare with yours: similar location, property type, lot size, square footage, condition, school boundaries when relevant, and price range.

The broader numbers give us context. The comparable sales tell us much more about the individual home

The current data says two things at once. Buyers have more new listings coming onto the market than they did a year ago. But well-positioned homes can still attract multiple offers and sell above list price in competitive areas.

That makes preparation and pricing especially important.

I would not assume that a home will generate competition simply because it is located in Silicon Valley. Buyers are comparing what is available, and they can respond very differently to two homes in the same city. Before deciding on price or how much preparation makes sense, I want to understand what buyers will be seeing alongside your home when it launches.

And If You’re Buying?

More new listings can be good news because it gives you more properties to evaluate. But your strategy still depends on where you are looking.

A well-priced home in Mountain View or Sunnyvale may still attract several buyers quickly. A different property, neighborhood, or price tier may give you more time to evaluate the home and negotiate.

That is why I do not think every Silicon Valley buyer should approach the market the same way.

The better question is: what is happening with the specific type of home you want, in the specific area and price range you are targeting?

If there is one thing I would take away from the September numbers, it is that the market is much more nuanced than the headlines make it sound.

Santa Clara County’s overall median is lower than it was a year ago, while new listings are substantially higher. Mountain View and Sunnyvale are showing year-over-year price growth. San Jose is showing a lower median. Competition remains strong for many homes in places like Mountain View, Sunnyvale, Palo Alto, and Santa Clara.

And the $3M+ market is showing a very different balance of listings and contracts than it did last year.

All of those things can be true at once.

If you’re curious about what is happening in your own neighborhood or price range, send me the property or area you’re watching. I’m happy to look at the recent sales, current competition, and what the numbers actually mean for you.

© JVDreamHomes 2026