property nerds · price historyfrom the mlsjanuary 2012 – september 2026by the boyenga team at compass
Silicon Valley home prices, 2012 to now
What homes actually sold for, city by city, from fourteen years of closed sales in the MLS. Pick a city to see its price line, its 2022 dip and where it stands today.
- $382 → $992median price per sq ft, 2012 vs the last 12 months
- −16.2%the 2022–23 dip in price per sq ft, May 2022 to Feb 2023
- 260,554Silicon Valley sales counted since 2012, repeat records removed
pick a city
Every city’s price line
Every city we cover has its own line since 2012. The line is the median price per square foot over three-month windows, which smooths one-off months but keeps the seasons.
Silicon Valley2021–22 peaklow after the peak
Median sale price by year
Median closed price and number of sales each year. * = January–September 2026.
Price per sq ft, then and now
- 2021–22 peak → low after it$1,014 → $850 · −16.2%three months ending May 2022 → three months ending Feb 2023
- Spring 2022 → spring 2026$1,014 → $1,025 · +1.1%March–May: median sale price $1.62M → $1.71M; 5,829 and 4,498 sales
- Summer 2022 → summer 2026$901 → $976 · +8.3%July–September: median sale price $1.45M → $1.61M; 4,277 and 3,879 sales
- 2012 → last 12 months$382 → $992 · ×2.60calendar 2012 vs October 2025–September 2026
Median sale price ÷ living area. Same months are compared so the seasons don’t skew the change.
the growth table
Who grew the most since 2012
Growth from the 2012 calendar year to the last 12 months (October 2025 through September 2026), city by city. Tap a column to sort.
| East Palo Alto | $285K | $1.05M | ×3.70 | 10.0% | $252 | $790 | ×3.13 | 92 |
| San Jose | $475K | $1.4M | ×2.94 | 8.2% | $311 | $873 | ×2.81 | 5,387 |
| Santa Clara | $567K | $1.68M | ×2.96 | 8.2% | $387 | $1,075 | ×2.78 | 670 |
| Campbell | $650K | $1.85M | ×2.85 | 7.9% | $392 | $1,080 | ×2.76 | 272 |
| Sunnyvale | $698K | $1.8M | ×2.58 | 7.1% | $455 | $1,230 | ×2.70 | 859 |
| San Bruno | $475K | $1.26M | ×2.66 | 7.4% | $344 | $903 | ×2.62 | 232 |
| Gilroy | $390K | $1.1M | ×2.83 | 7.9% | $201 | $524 | ×2.61 | 394 |
| Milpitas | $470K | $1.3M | ×2.77 | 7.7% | $317 | $805 | ×2.54 | 350 |
| Morgan Hill | $538K | $1.32M | ×2.46 | 6.8% | $253 | $635 | ×2.51 | 458 |
| Belmont | $900K | $2.25M | ×2.50 | 6.9% | $503 | $1,252 | ×2.49 | 196 |
| Cupertino | $1.09M | $3.01M | ×2.76 | 7.7% | $602 | $1,496 | ×2.49 | 278 |
| Redwood City | $755K | $2.1M | ×2.78 | 7.7% | $479 | $1,191 | ×2.49 | 612 |
| Los Altos | $1.75M | $4.55M | ×2.59 | 7.2% | $758 | $1,878 | ×2.48 | 327 |
| Atherton | $3.35M | $11.3M | ×3.37 | 9.2% | $902 | $2,219 | ×2.46 | 73 |
| Saratoga | $1.6M | $4M | ×2.50 | 6.9% | $614 | $1,490 | ×2.43 | 279 |
| San Carlos | $875K | $2.5M | ×2.86 | 7.9% | $537 | $1,299 | ×2.42 | 327 |
| San Mateo | $645K | $1.68M | ×2.60 | 7.2% | $457 | $1,106 | ×2.42 | 813 |
| South San Francisco | $470K | $1.25M | ×2.66 | 7.4% | $347 | $838 | ×2.41 | 296 |
| Burlingame | $1.13M | $2.85M | ×2.53 | 7.0% | $613 | $1,456 | ×2.38 | 239 |
| Daly City | $450K | $1.18M | ×2.61 | 7.2% | $332 | $777 | ×2.34 | 423 |
| Monte Sereno | $1.89M | $4.47M | ×2.37 | 6.5% | $642 | $1,482 | ×2.31 | 40 |
| Hillsborough | $2.75M | $6.5M | ×2.36 | 6.5% | $711 | $1,619 | ×2.28 | 129 |
| Palo Alto | $1.57M | $3.44M | ×2.18 | 5.8% | $886 | $1,945 | ×2.20 | 528 |
| Woodside | $1.63M | $4.06M | ×2.50 | 6.9% | $642 | $1,410 | ×2.20 | 72 |
| Los Gatos | $1.01M | $2.3M | ×2.27 | 6.2% | $503 | $1,103 | ×2.19 | 465 |
| Menlo Park | $1.25M | $2.9M | ×2.32 | 6.3% | $728 | $1,579 | ×2.17 | 369 |
| Mountain View | $780K | $1.84M | ×2.36 | 6.4% | $519 | $1,109 | ×2.14 | 511 |
| Millbrae | $899K | $2.04M | ×2.27 | 6.2% | $521 | $1,099 | ×2.11 | 148 |
| Foster City | $741K | $1.43M | ×1.93 | 4.9% | $448 | $906 | ×2.02 | 222 |
| Los Altos Hills | $2.65M | $5.46M | ×2.06 | 5.4% | $766 | $1,518 | ×1.98 | 97 |
| Portola Valley | $2.2M | $4.25M | ×1.93 | 4.9% | $821 | $1,442 | ×1.76 | 79 |
Medians of closed sales, in nominal dollars. Per year = compound annual growth over 13.75 years (mid-2012 to the middle of the last 12 months). San Francisco’s data starts in late 2021, so it isn’t ranked on growth since 2012. Gray rows: fewer than 100 sales in the last 12 months; their medians swing with the handful of homes that sold. For reference: Silicon Valley $599K → $1.65M (×2.75); Santa Clara County $565K → $1.6M; San Mateo County $716K → $1.8M.
the 2022 dip
The 2022 dip, and the climb back
In most cities, price per square foot peaked in spring 2022, fell into early 2023, then climbed back. Here is each city’s 2021–22 peak, its low afterward, and this year against the same months of 2022.
cities with a higher median price per sq ft in March–May 2026 than in March–May 2022.
cities higher in July–September 2026 than in July–September 2022.
Belmont, Apr 2022 to Feb 2023. The shallowest: Cupertino, −6.0%. Cities with 100+ sales a year.
| area | 2021–22 peak | low after | dip | spring ’26 vs ’22 | summer ’26 vs ’22 |
|---|---|---|---|---|---|
| Silicon Valley | $1,014May 2022 | $850Feb 2023 | −16.2% | +1.1% | +8.3% |
| Santa Clara County | $975May 2022 | $801Feb 2023 | −17.8% | +1.0% | +8.7% |
| San Mateo County | $1,159Jun 2022 | $938Jan 2023 | −19.1% | −0.9% | +8.5% |
| Woodside | $1,587Jul 2022 | $1,099Feb 2024 | −30.7% | +23.2% | −4.3% |
| Belmont | $1,298Apr 2022 | $945Feb 2023 | −27.2% | +8.2% | +0.8% |
| Millbrae | $1,211Jun 2022 | $912Dec 2022 | −24.7% | −7.4% | +5.5% |
| San Carlos | $1,415Jul 2022 | $1,066Nov 2022 | −24.7% | +1.1% | +19.0% |
| Los Gatos | $1,165Mar 2022 | $880Jan 2024 | −24.5% | +4.6% | −6.5% |
| Menlo Park | $1,592May 2022 | $1,205Mar 2024 | −24.3% | +0.8% | +7.3% |
| Redwood City | $1,268Apr 2022 | $975Jan 2023 | −23.1% | −3.2% | +18.0% |
| East Palo Alto | $875Apr 2022 | $678Oct 2022 | −22.5% | −1.0% | +15.3% |
| Hillsborough | $1,568Jun 2022 | $1,216Feb 2023 | −22.4% | +10.9% | +15.9% |
| San Mateo | $1,160May 2022 | $903Feb 2023 | −22.2% | +1.1% | +13.2% |
| South San Francisco | $952Jun 2022 | $746Dec 2022 | −21.6% | −8.4% | +0.8% |
| Burlingame | $1,538Jun 2022 | $1,217Apr 2024 | −20.9% | −0.3% | +10.6% |
| Morgan Hill | $693May 2022 | $548Jan 2023 | −20.9% | −5.2% | −0.5% |
| Los Altos Hills | $1,836Apr 2022 | $1,466Aug 2022 | −20.2% | −8.0% | — |
| Campbell | $1,097May 2022 | $881Dec 2022 | −19.7% | −4.4% | +18.5% |
| Daly City | $890Jun 2022 | $716Feb 2024 | −19.6% | −6.8% | −3.0% |
| Palo Alto | $1,862Jun 2022 | $1,500Jan 2023 | −19.4% | +9.3% | +24.0% |
| Los Altos | $1,877May 2022 | $1,514Jan 2023 | −19.3% | −1.9% | +22.4% |
| San Francisco | $1,136Apr 2022 | $918Jan 2024 | −19.2% | +1.1% | +10.7% |
| San Jose | $904May 2022 | $731Feb 2023 | −19.1% | −0.7% | +9.8% |
| Mountain View | $1,197May 2022 | $984Jan 2023 | −17.8% | −1.9% | +1.7% |
| Saratoga | $1,471Apr 2022 | $1,220Feb 2023 | −17.1% | +6.5% | +3.1% |
| Portola Valley | $1,525May 2022 | $1,269Dec 2023 | −16.8% | +0.9% | — |
| Foster City | $1,093Jun 2022 | $916Dec 2022 | −16.2% | −14.9% | −6.4% |
| Santa Clara | $1,048May 2022 | $885Jan 2023 | −15.6% | +5.6% | +13.1% |
| San Bruno | $965Jun 2022 | $827Mar 2023 | −14.3% | −8.3% | −1.2% |
| Atherton | $1,937Jun 2022 | $1,676Sep 2023 | −13.5% | +14.8% | +34.3% |
| Monte Sereno | $1,441Apr 2022 | $1,250Aug 2022 | −13.3% | — | — |
| Gilroy | $566Jun 2022 | $492Nov 2023 | −13.1% | −4.9% | +0.4% |
| Sunnyvale | $1,199Jun 2022 | $1,046Sep 2022 | −12.8% | +4.4% | +19.4% |
| Milpitas | $847May 2022 | $759Jan 2023 | −10.4% | −8.7% | +1.0% |
| Cupertino | $1,391Jun 2022 | $1,308Nov 2022 | −6.0% | +12.6% | +20.1% |
Peak and low are the highest and lowest three-month medians (at least 15 sales) between July 2021 and June 2024; the month shown is the last month of the window. Spring = March–May; summer = July–September. Comparing the same months removes most of the seasonal swing. Blank = too few sales. Gray rows: fewer than 100 sales in the last 12 months, so their three-month windows are thin and swing more.
city by year
Price per square foot, every city, every year
Median price per square foot by year for every city we cover. Darker is higher. 2026 is January through September.
| area | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026* |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Silicon Valley | 382 | 468 | 518 | 592 | 634 | 700 | 814 | 770 | 798 | 888 | 943 | 936 | 994 | 997 | 999 |
| Santa Clara County | 355 | 437 | 479 | 544 | 584 | 647 | 758 | 708 | 738 | 837 | 903 | 905 | 971 | 974 | 960 |
| San Mateo County | 473 | 571 | 646 | 735 | 784 | 871 | 961 | 932 | 952 | 1,042 | 1,049 | 1,020 | 1,062 | 1,063 | 1,112 |
| Atherton | 902 | 956 | 1,101 | 1,253 | 1,461 | 1,434 | 1,514 | 1,617 | 1,617 | 1,732 | 1,828 | 1,763 | 1,961 | 2,070 | 2,281 |
| Palo Alto | 886 | 1,027 | 1,202 | 1,394 | 1,364 | 1,467 | 1,598 | 1,526 | 1,538 | 1,647 | 1,721 | 1,696 | 1,789 | 1,877 | 1,998 |
| Los Altos | 758 | 836 | 991 | 1,135 | 1,149 | 1,221 | 1,409 | 1,325 | 1,300 | 1,545 | 1,678 | 1,572 | 1,777 | 1,835 | 1,878 |
| Los Altos Hills | 766 | 850 | 955 | 1,053 | 1,050 | 1,135 | 1,217 | 1,200 | 1,194 | 1,379 | 1,572 | 1,504 | 1,593 | 1,583 | 1,587 |
| Portola Valley | 821 | 800 | 939 | 1,008 | 1,041 | 1,054 | 1,217 | 1,232 | 1,191 | 1,303 | 1,472 | 1,378 | 1,486 | 1,573 | 1,536 |
| Monte Sereno | 642 | 711 | 801 | 886 | 879 | 969 | 952 | 1,062 | 1,060 | 1,256 | 1,358 | 1,312 | 1,465 | 1,557 | 1,482 |
| Menlo Park | 728 | 784 | 927 | 1,038 | 1,040 | 1,154 | 1,308 | 1,260 | 1,291 | 1,406 | 1,487 | 1,438 | 1,427 | 1,529 | 1,599 |
| Hillsborough | 711 | 816 | 869 | 1,018 | 1,036 | 1,070 | 1,218 | 1,110 | 1,159 | 1,319 | 1,458 | 1,347 | 1,383 | 1,494 | 1,638 |
| Saratoga | 614 | 687 | 767 | 831 | 860 | 952 | 1,071 | 985 | 1,027 | 1,238 | 1,393 | 1,393 | 1,486 | 1,484 | 1,505 |
| Burlingame | 613 | 707 | 829 | 918 | 938 | 1,054 | 1,147 | 1,125 | 1,191 | 1,260 | 1,381 | 1,307 | 1,342 | 1,350 | 1,514 |
| Cupertino | 602 | 702 | 789 | 896 | 932 | 1,025 | 1,158 | 1,069 | 1,141 | 1,250 | 1,310 | 1,399 | 1,400 | 1,340 | 1,548 |
| Woodside | 642 | 781 | 807 | 898 | 954 | 968 | 1,070 | 920 | 1,116 | 1,313 | 1,372 | 1,242 | 1,288 | 1,308 | 1,362 |
| San Carlos | 537 | 638 | 738 | 809 | 879 | 948 | 1,066 | 1,018 | 1,105 | 1,186 | 1,227 | 1,170 | 1,228 | 1,262 | 1,348 |
| Sunnyvale | 455 | 542 | 630 | 763 | 797 | 920 | 1,080 | 983 | 1,019 | 1,045 | 1,126 | 1,173 | 1,268 | 1,252 | 1,234 |
| Belmont | 503 | 610 | 688 | 794 | 842 | 910 | 998 | 966 | 1,024 | 1,167 | 1,207 | 1,110 | 1,213 | 1,195 | 1,272 |
| Redwood City | 479 | 579 | 652 | 777 | 834 | 910 | 989 | 959 | 990 | 1,074 | 1,128 | 1,082 | 1,147 | 1,152 | 1,215 |
| Millbrae | 521 | 594 | 703 | 766 | 837 | 884 | 992 | 967 | 974 | 1,070 | 1,105 | 1,038 | 1,130 | 1,129 | 1,116 |
| Mountain View | 519 | 585 | 684 | 850 | 863 | 970 | 1,101 | 1,027 | 1,058 | 1,081 | 1,125 | 1,118 | 1,150 | 1,129 | 1,111 |
| Campbell | 392 | 459 | 517 | 585 | 642 | 728 | 819 | 748 | 767 | 882 | 1,004 | 997 | 1,038 | 1,103 | 1,052 |
| Los Gatos | 503 | 565 | 591 | 693 | 718 | 800 | 845 | 827 | 860 | 968 | 1,077 | 1,068 | 1,117 | 1,080 | 1,140 |
| Santa Clara | 387 | 466 | 526 | 616 | 667 | 755 | 908 | 823 | 865 | 882 | 977 | 981 | 1,054 | 1,054 | 1,094 |
| San Mateo | 457 | 543 | 625 | 722 | 767 | 863 | 937 | 903 | 940 | 995 | 1,029 | 980 | 1,055 | 1,052 | 1,152 |
| San Francisco | 1,059 | 969 | 988 | 995 | 1,125 | ||||||||||
| Foster City | 448 | 518 | 593 | 707 | 715 | 808 | 894 | 847 | 850 | 924 | 978 | 944 | 961 | 972 | 905 |
| San Jose | 311 | 397 | 434 | 487 | 527 | 578 | 683 | 642 | 670 | 765 | 832 | 827 | 885 | 884 | 873 |
| San Bruno | 344 | 466 | 508 | 596 | 660 | 698 | 837 | 826 | 838 | 870 | 909 | 865 | 849 | 876 | 898 |
| Milpitas | 317 | 392 | 436 | 500 | 546 | 593 | 711 | 659 | 676 | 738 | 820 | 816 | 859 | 854 | 796 |
| South San Francisco | 347 | 449 | 485 | 571 | 596 | 660 | 755 | 751 | 771 | 841 | 853 | 830 | 825 | 836 | 842 |
| East Palo Alto | 252 | 373 | 432 | 517 | 634 | 688 | 778 | 779 | 728 | 775 | 767 | 770 | 797 | 816 | 783 |
| Daly City | 332 | 406 | 471 | 535 | 579 | 645 | 713 | 714 | 705 | 780 | 809 | 746 | 761 | 759 | 780 |
| Morgan Hill | 253 | 303 | 334 | 359 | 390 | 406 | 448 | 441 | 464 | 553 | 631 | 596 | 625 | 623 | 639 |
| Gilroy | 201 | 262 | 290 | 308 | 337 | 353 | 394 | 390 | 396 | 464 | 537 | 508 | 534 | 529 | 523 |
Median sale price ÷ living area, by calendar year of closing; dollars per sq ft. Blank = fewer than 20 sales that year (San Francisco starts in 2022). * = January–September 2026. Sorted by 2025.
the method
How these numbers are built
How the numbers are built, so you can check them.
- Data
- Closed sales reported to the MLS in the cities we cover, read through our IDX feeds in October 2026: houses, condos and townhomes. Land, multi-unit buildings and rentals are left out.
- Repeat records
- The same sale often arrives through more than one MLS feed. Each sale is counted once, matched on a normalized address and the sale date. Sales recorded at under 50% or over 200% of list are treated as data errors and left out.
- Medians
- Every figure is a median of closed sales: half sold for more, half for less. Medians move when the mix of homes changes (more condos one year, more large houses the next), so they describe what sold, not what any one home is worth.
- Price per square foot
- Sale price ÷ living area as reported to the MLS. It adjusts for size, but not for lot, condition or location within a city.
- Dates
- Sales are grouped by closing date, which usually comes about a month after the accepted offer.
- Growth
- From the 2012 calendar year to the last 12 months (October 2025 through September 2026). Per-year growth is compounded over 13.75 years. Dollars are nominal, not adjusted for inflation.
- Coverage
- Full MLS coverage starts in January 2012 for the Silicon Valley cities and in September 2021 for San Francisco, so San Francisco’s years start in 2022. Silicon Valley here = the 31 cities we cover in Santa Clara County (15) and bay-side San Mateo County (16).
- Small samples
- A city-year needs at least 20 sales, and a three-month window at least 15, or it’s left blank. Small towns such as Monte Sereno, Portola Valley, Woodside, Atherton and Los Altos Hills have gaps and swing more from year to year.
- What it isn’t
- Not a repeat-sales index and not an appraisal. For one home’s value, the sales that match it matter more than any city median.
the data
Download the data
Every number on this page can be downloaded. Use it freely with credit.
Boyenga Team. “Silicon Valley Home Prices by Year, 2012–2026,” from closed MLS sales, October 2026. https://www.boyengateam.com/silicon-valley-home-price-history
What each column means
area- Silicon Valley, a county region, San Francisco or a city.
year- Calendar year of closing (2026 = January–September).
sales- Closed sales counted, repeat records removed.
median_sale_price- Median closed price, in dollars.
median_price_per_sqft- Median of sale price ÷ living area.
median_sale_to_list- Median sale price ÷ final list price (1.000 = 100%).
share_over_asking- Share of sales above list price (0–1).
questions
Questions we hear
How much have Silicon Valley home prices gone up since 2012?
The median Silicon Valley sale was $599K in 2012 and $1.65M over the last 12 months (October 2025–September 2026): 2.75 times as much, or about 7.6% a year. Per square foot, the median went from $382 to $992. These are medians of closed sales, in nominal dollars.
Which cities grew the most?
Measured by median price per square foot from 2012 to the last 12 months, among cities with at least 100 sales a year, San Jose (2.81×), Santa Clara (2.78×) and Campbell (2.76×) grew the most and Foster City (2.02×), Millbrae (2.11×) and Mountain View (2.14×) grew the least. The growth table above sorts every city by price, price per square foot or yearly rate.
Did Silicon Valley home prices drop in 2022?
Yes, from a spring 2022 peak. Silicon Valley’s median price per square foot peaked at $1,014 (three months ending May 2022) and fell to $850 (three months ending February 2023), 16.2% lower. Spring 2026 was +1.1% against spring 2022.
Are prices back above the 2022 peak?
It depends on the city and on which months you compare. Same months against same months, 15 of 31 cities with enough sales had a higher median price per square foot in spring 2026 than in spring 2022, and 23 of 29 in July–September. The dip table shows every city.
How should I read a median price?
As a picture of what sold. If more large houses sell one year, the median rises even if no single home gained value. That’s why the page also shows price per square foot and sales counts, and why one home’s value comes from the sales that match it.
Are these prices adjusted for inflation?
No. They’re nominal dollars, the prices buyers actually paid at closing.
Why does San Francisco start in 2022?
Our MLS feed has full San Francisco coverage from September 2021, so 2022 is its first full year. San Francisco is shown alongside but isn’t ranked on growth since 2012.
Why are some small towns blank in some years?
A city-year needs at least 20 sales to show a median. Towns with few sales a year, such as Monte Sereno, Portola Valley and Woodside, have gaps, and their medians swing with the handful of homes that sold.
Where does the data come from?
From closed sales reported to the MLS, read through the IDX feeds that power our home search: houses, condos and townhomes in the 31 Silicon Valley cities we cover plus San Francisco, with repeat records removed. Homes sold without an MLS listing aren’t included.
Can I download the data?
Yes. The data section has a CSV of every city and year on this page, with a dictionary for each column.
more to learn
Go deeper
- Property Nerds IndexThis week’s 0–100 reading of market heat, with monthly history back to 2012.
- City ScorecardEvery city’s numbers on one spec sheet, with a sortable table.
- Best Month to SellEach city’s strongest and weakest closing months, from 14 years of sales.
- The $1M LineHow the share of sales under $1M, $2M and more moved in every city since 2012.
- Price LadderEntry, median and top-end prices by city since 2012.
- Then & Now CalculatorYour purchase year and price, at the city’s pace.
- What $1 Million BuysSquare feet per $1M (or your budget) in every city, 2012 against now.
- Bidding Wars by PriceHow often homes at each price sold over asking, from under $1M to $5M+, every year since 2012.
- Market PulseHomes for sale, days on market and 12 months of prices for 32 cities.
- Budget LabWhat your budget bought in up to three cities.
- Bedroom MathWhat one more bedroom costs, city by city.
- City Match-UpTwo cities side by side, from prices to transfer tax.
- Luxury Market ReportSupply, sales and sale-to-list for homes at $3M and up.
- Data LibraryEvery dataset in one catalog, with methods, downloads and citations.
Based on closed sales reported to the MLS through our IDX feeds, read in October 2026. Shown as reported and not guaranteed; repeat records are removed. Medians describe what sold, not the value of any single home.
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