The end of 2024 showed better than expected sales in our local housing market, particularly after the conclusion of the November election, which provided greater market clarity and reduced uncertainty for buyers and sellers. Combined with the Federal Reserve's rate cuts in Q4 2024, we saw increased momentum in several key cities.
Looking at the data, most cities experienced significant price appreciation:
- Mountain View showed the strongest median price growth at 46.8% year-over-year, reaching $3.01M
- Sunnyvale followed with a 32.6% increase to $2.52M
- Cupertino saw a 29.2% jump to $3.45M
Market dynamics remained competitive, with homes selling above asking price across all cities:
- Santa Clara led with homes selling at 111% of list price
- Sunnyvale and Cupertino/Los Altos tied at 108% of the asking price
- Most other cities consistently saw sales at 105-107% of list price
Days on the market generally decreased, indicating strong buyer demand:
- Cupertino homes sold in just 5 days (down from 12)
- Los Altos Hills showed dramatic improvement from 87 to 35 days
- Palo Alto decreased from 18 to 8 days
Transaction volume varied by city, with notable increases in:
- Los Altos (171% increase, from 7 to 19 sales)
- Los Altos Hills (233% increase, from 3 to 10 sales)
- Sunnyvale (26% increase, from 23 to 29 sales)
The combination of Fed rate cuts, post-election clarity, and persistent Bay Area housing demand contributed to a strong close to 2024, particularly benefiting mid-range markets like Mountain View, Sunnyvale, and Santa Clara. The increased momentum at the end of 2024 suggests an earlier-than-usual start to the 2025 spring market, with buyers already actively monitoring new listings and attending open houses in January.
Feel free to reach out if you'd like to discuss what these trends mean for your particular situation. Your goals and timing are unique, and I'm always happy to provide a personalized analysis for your specific needs.
Connect with Wendy at [email protected] for personalized insights and strategies to make the most of our current market conditions.
(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.)
Posted on January 13, 2025
