Lynn North's Market Update

It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.

It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.

Median list price for Santa Clara County, CA is $1,899,975. Inventory has held steady at or around 884.

Santa Clara Valley

Demographics Impact on 2024 Real Estate Market

When rates start to decline, there will be an influx of buyers and sellers. Per lenders and top analysts, we are expected to get into the mid 5.5% range by the 1st quarter 2025! 

Housing demand will be fueled by the largest generation of potential homebuyers – the millennials!

Millennials:

• US Millennials population is 72 million
• Medial age of people moving out of their parent’s home is 26
• Medial age of first-time home buyers is 35

The impact of Baby Boomers:

• Largest group of all homeowners are aged 65+
• Buyers aged 57+are more likely to downsize
• Baby Boomers are 52% of all seniors

The average homeowner equity is about $274K

*Data provided by Buffini & Inman