September Sales Soared and Prices Diverged
September delivered one of the strongest sales months of the year across Silicon Valley's surrounding cities, with nearly every market posting double-digit increases in closed transactions. Yet beneath the sales activity, median prices told different stories depending on location and price point.
Market Snapshot:
Sales Activity: 9 out of 10 cities saw increased sales, with gains ranging from 6% to 300% year-over-year
Median Days on Market: Homes moved quickly across the region, averaging 7-13 days, with Atherton leading at just 4 days
Sales Price to List Price Ratio: Competitive conditions persisted, with most homes selling at 102-108% of the original list price
Price Trends: Mixed results—5 cities saw price increases (ranging from 4% to 25%), while 5 experienced declines (ranging from -5% to -18%)
Market Conditions: Sellers maintained strong positioning, with the majority of properties selling at or above the asking price
City-by-City Breakdown:
In Atherton, the ultra-luxury market accelerated dramatically, with sales jumping 75% year over year and the median price climbing 25% to $7 million. Homes flew off the market in just 4 days, down from 33 days last year, reflecting intense demand at the highest price points.
Palo Alto saw similar strength, with prices rising 19% to a median of $4.365 million. Sales edged up 6%, and homes sold 3 days faster than last year, averaging just 8 days on market. The city maintained its premium status with homes consistently selling at 107% of the original list price.
Not all markets saw price gains. Menlo Park experienced an 18% decline in median price to $3.125 million, despite a 55% surge in sales activity. Similarly, Los Altos Hills saw prices drop 14% to $5.675 million, though sales skyrocketed 300% from extremely low volumes last year. Mountain View prices dipped 9% to $2.684 million, even as sales increased 50%.
Mid-range markets showed mixed signals. Sunnyvale posted an 8% price increase to $2.691 million with sales up 31%, while Santa Clara saw a 13% price jump to $2.178 million with stable sales volume. Redwood City prices slipped 5% to $2.15 million, though sales rose 25%.
Cupertino was the only market to see declining sales, down 17%, though prices still increased 4% to $3.066 million. Days on market tightened to just 7 days.
Bottom Line:
With most homes selling within 8-13 days and the majority still trading above asking price, the Silicon Valley market remains highly competitive despite price corrections in some premium neighborhoods. As we move into fall, buyers have more selection in certain markets while sellers continue to see strong demand, particularly at entry and mid-price points.
(This report covers from Redwood City to Cupertino. Redwood City and Menlo Park fall under San Mateo County. Palo Alto, Mountain View, Los Altos, Cupertino, Sunnyvale, and Santa Clara fall under Santa Clara County. Data include single-family home sales only. Data is from CA MLS and is deemed reliable but not guaranteed. Private sales are not included.)
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Posted on October 18, 2025
