Blog > Silicon Valley Housing Market Q3 2026: City-by-City Prices and Bidding vs. a Year Ago
Silicon Valley Housing Market Q3 2026: City-by-City Prices and Bidding vs. a Year Ago
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How did Silicon Valley’s housing market do in the third quarter of 2026? Here are July through September, against the same three months of 2025, from closed MLS sales. Comparing the same quarter each year keeps seasonal swings out of the comparison.
The quarter at a glance
- Silicon Valley: 3,880 sales (−5% against Q3 2025). Median price $1.61M (−1%), $976 per square foot (−1%). 52% of sales closed over asking (49% a year earlier) and 38% under (42%).
- Santa Clara County: 2,795 sales (−5% against Q3 2025). Median price $1.57M (−2%), $938 per square foot (−1%). 50% of sales closed over asking (49% a year earlier) and 40% under (42%).
- Bay-side San Mateo County: 1,085 sales (−5% against Q3 2025). Median price $1.79M (+2%), $1,097 per square foot (+3%). 59% of sales closed over asking (50% a year earlier) and 31% under (41%).
- San Francisco (shown alongside): 1,182 sales (+4%), median price $1.55M (+17%), $1,131 per square foot (+17%), 71% of sales over asking (50% a year earlier). The median sale closed about 9% over the list price.
In short: across Silicon Valley, prices were close to flat against a year earlier, a little more of the market sold over asking, and fewer homes sold. San Francisco moved much more than the Peninsula and South Bay.
September on its own
Silicon Valley closed 1,278 sales in September 2026 (1,385 in September 2025). The median price was $1.65M, about the same as a year earlier ($1.645M), and 55% of sales closed over asking (51% a year earlier).
City by city
Cities with at least 50 sales in the quarter, busiest first. Sales in Q3 2025 and the share over asking a year earlier are in parentheses.
| City | Sales | Median price | vs Q3 2025 | $ per sq ft | vs Q3 2025 | Over asking |
|---|---|---|---|---|---|---|
| San Jose | 1,406 (1,472) | $1.36M | −3% | $855 | −1% | 47% (47%) |
| Sunnyvale | 212 (219) | $1.75M | −3% | $1,249 | +3% | 62% (60%) |
| San Mateo | 193 (242) | $1.60M | −6% | $1,137 | +4% | 58% (54%) |
| Santa Clara | 181 (170) | $1.64M | −1% | $1,037 | −4% | 62% (56%) |
| Redwood City | 151 (148) | $2.10M | +10% | $1,250 | +11% | 62% (49%) |
| Palo Alto | 125 (129) | $3.68M | +2% | $2,022 | +12% | 66% (58%) |
| Mountain View | 123 (145) | $1.80M | +10% | $1,109 | +3% | 63% (57%) |
| Morgan Hill | 111 (131) | $1.30M | −2% | $619 | +2% | 37% (30%) |
| Gilroy | 103 (106) | $1.10M | 0% | $526 | +2% | 42% (42%) |
| Los Gatos | 96 (135) | $2.23M | −3% | $1,000 | −7% | 35% (33%) |
| Daly City | 94 (102) | $1.12M | +2% | $765 | +5% | 68% (61%) |
| Milpitas | 92 (100) | $1.31M | −8% | $814 | −6% | 50% (48%) |
| Menlo Park | 91 (111) | $3.20M | +11% | $1,546 | 0% | 51% (39%) |
| San Carlos | 82 (88) | $2.49M | +11% | $1,377 | +9% | 61% (49%) |
| Los Altos | 81 (85) | $4.62M | +15% | $1,902 | +3% | 60% (53%) |
| Campbell | 77 (96) | $1.92M | +1% | $1,100 | +3% | 51% (47%) |
| Saratoga | 77 (55) | $3.80M | −5% | $1,439 | −5% | 49% (45%) |
| South San Francisco | 77 (74) | $1.23M | +6% | $839 | +1% | 71% (64%) |
| Cupertino | 73 (68) | $2.85M | −1% | $1,604 | +9% | 58% (66%) |
| Burlingame | 72 (57) | $2.88M | +1% | $1,493 | +11% | 67% (54%) |
| San Bruno | 68 (91) | $1.23M | −3% | $849 | −6% | 57% (46%) |
| Foster City | 62 (58) | $1.25M | −25% | $906 | −3% | 50% (38%) |
| Belmont | 54 (42) | $2.33M | +3% | $1,191 | +5% | 50% (57%) |
Fewer than 50 sales in the quarter, so left out: Atherton, East Palo Alto, Hillsborough, Los Altos Hills, Millbrae, Monte Sereno, Portola Valley and Woodside.
What stood out
- Biggest gains in price per square foot: Palo Alto (+12%, to $2,022), Redwood City (+11%, to $1,250), Burlingame (+11%, to $1,493) and San Carlos (+9%, to $1,377).
- Biggest drops: Los Gatos (−7%, to $1,000), San Bruno (−6%, to $849), Milpitas (−6%, to $814) and Saratoga (−5%, to $1,439).
- Most often over asking: South San Francisco (71%), Daly City (68%), Burlingame (67%) and Palo Alto (66%).
- Medians move with the mix. Foster City’s median price fell 25% against Q3 2025 while its price per square foot fell 3%, which points to a different mix of homes selling rather than values changing that much.
What a quarter can and can’t tell you
- One quarter is a small sample for one city. A few large or small homes can move a median, so price per square foot and a full year are steadier guides.
- Sales count when they close, usually a few weeks after an offer is accepted, so this quarter partly reflects deals struck in June.
- The data was read on October 18, 2026. A few late-reported September sales may still be added.
- It describes homes that sold, not a forecast or any one home’s value.
How we counted
Closed sales reported to the MLS, read through the IDX feeds that power our home search, with repeat records removed and sales outside half to twice the list price dropped. Houses, condos and townhomes are counted together. The weekly Property Nerds® Silicon Valley Housing Market Index™ tracks the market between reports, Home Price History has every city since 2012, and every dataset is in the Data Library.
Planning a move this fall or winter?
A Property Nerd will walk you through what these numbers mean for the cities and homes on your list. 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.