Record Watch: Which Silicon Valley Cities Hit New Price Highs in 2026

Which Silicon Valley cities are at record prices? We tracked the median price per square foot in rolling three-month windows from closed MLS sales back to 2012 and looked for each city’s highest reading. Of the 25 cities with at least 100 sales in the last 12 months, 9 set their high in 2026, 7 in 2024 or 2025, and 9 are still below a high set in spring 2022.

Silicon Valley overall

The three-month median peaked at $1,039 per square foot in the window ending May 2025, just above the 2022 high of $1,014 (ending May 2022). July–September 2026 came in at $976, 6% below the peak. Part of that gap is seasonal: across Silicon Valley, May closings have averaged about 3% above their year’s median price per square foot and September closings slightly below it.

New highs in 2026

• Campbell: $1,162 per square foot in the three months ending February 2026, and July–September came in at $1,100.
• Cupertino: $1,659 per square foot in the three months ending February 2026, and July–September came in at $1,604.
• Belmont: $1,359 per square foot in the three months ending April 2026, and July–September came in at $1,191.
• Los Gatos: $1,188 per square foot in the three months ending June 2026, and July–September came in at $1,000.
• Menlo Park: $1,666 per square foot in the three months ending June 2026, and July–September came in at $1,546.
• Palo Alto: $2,042 per square foot in the three months ending July 2026, and July–September came in at $2,022.
• San Mateo: $1,184 per square foot in the three months ending July 2026, and July–September came in at $1,137.
• Hillsborough: $1,722 per square foot in the three months ending August 2026, and July–September came in at $1,706.
• Los Altos: $1,902 per square foot in the three months ending September 2026, and July–September came in at the high itself.

Highs set in 2024 or 2025

• Gilroy: $567 (ending May 2024); July–September 2026 at $526.
• Santa Clara: $1,126 (ending May 2024); July–September 2026 at $1,037.
• Saratoga: $1,614 (ending February 2025); July–September 2026 at $1,439.
• San Carlos: $1,421 (ending April 2025); July–September 2026 at $1,377.
• San Jose: $919 (ending May 2025); July–September 2026 at $855.
• Sunnyvale: $1,335 (ending June 2025); July–September 2026 at $1,249.
• Milpitas: $896 (ending August 2025); July–September 2026 at $814.

Still below the 2022 peak

• Foster City: high of $1,093 (ending June 2022); July–September 2026 at $906, 17% below it.
• Daly City: high of $890 (ending June 2022); July–September 2026 at $765, 14% below it.
• San Bruno: high of $965 (ending June 2022); July–September 2026 at $849, 12% below it.
• South San Francisco: high of $952 (ending June 2022); July–September 2026 at $839, 12% below it.
• Morgan Hill: high of $693 (ending May 2022); July–September 2026 at $619, 11% below it.
• Mountain View: high of $1,197 (ending May 2022); July–September 2026 at $1,109, 7% below it.
• Millbrae: high of $1,211 (ending June 2022); July–September 2026 at $1,143, 6% below it.
• Burlingame: high of $1,538 (ending June 2022); July–September 2026 at $1,493, 3% below it.
• Redwood City: high of $1,268 (ending April 2022); July–September 2026 at $1,250, 1% below it.

Reading it right

• Spring runs high. Prices per square foot usually peak in spring closings, so a July–September reading below a spring high isn’t by itself a decline. See Best Month to Sell.
• Three months is a short window. In smaller cities a handful of large or small homes can move it; Hillsborough’s latest window has 28 sales.
• Medians mix home types. Houses, condos and townhomes are counted together.
• It isn’t a forecast or a value for any one home.

Where to dig in

Every city’s three-month line since 2012 is on Home Price History. To see what your own purchase price would be at your city’s pace, try the Then & Now Calculator, and each city’s full numbers are in our City Data Briefs.

Thinking about timing a sale?

A Property Nerd will show you where your neighborhood sits against its own high and what the closest recent sales say about your home. Call (408) 373-1660 or (650) 383-8606, or book a strategy call. Commissions are negotiable, and we offer bundled services, so ask us what’s included.