Silicon Valley Real Estate Market Report: May 2026
The Santa Clara County housing market in May 2026 is moving fast across the board — but the story isn’t uniform. Sunnyvale has surged to the second most expensive city in the county, Mountain View buyers are winning fewer than 1 in 5 offers, and San Jose is offering the most buyer-friendly conditions seen in years. Here’s the complete city-by-city picture.
At a Glance: Santa Clara County Median Prices — May 2026
- Palo Alto: $3,535,000 — 10 days on market — $1,749/sq ft
- Sunnyvale: $2,520,000 — 9 days on market — $1,140/sq ft
- Mountain View: $2,000,000 — 9 days on market — $1,320/sq ft
- Santa Clara: $1,766,558 — 11 days on market — $1,065/sq ft
- Campbell: $1,737,500 — 10 days on market — $970/sq ft
- San Jose: $1,452,609 — 12 days on market — $914/sq ft
Every city in the county is moving within 12 days at the median. That’s the defining characteristic of this spring market: there’s no slow corner of Santa Clara County right now.
Palo Alto: Peak Velocity
At $3,535,000 and a median of 10 days on market, Palo Alto is operating at its seasonal lows for time on market. Premium single-family properties are going pending at what local agents are calling “intense spring speeds” — meaning well-prepared buyers with strong pre-approvals are the only ones in the running. At $1,749 per square foot, Palo Alto commands the highest price per foot in the county by a wide margin. This is not a market where you negotiate. It’s a market where you qualify.
Sunnyvale: Bidding Intensity at $2.52M
Sunnyvale is the county’s standout story this month. At a $2,520,000 median — with single-family homes trading at a median pace of 9 days — Sunnyvale is now leading mid-tier markets in total over-ask ratios. That means more homes are closing above list price in Sunnyvale than in any comparable price band in the county.
At $1,140 per square foot, Sunnyvale offers more space per dollar than both Palo Alto and Mountain View, which is a key driver of demand from buyers who’ve been priced out of those cities but don’t want to compromise on location. The result: intense competition at every price point.
Mountain View: 82% Sold Over List
Mountain View’s $2,000,000 median and 9-day average time on market would already make it one of the most competitive markets in the state. What sets it apart this month is the over-ask rate: more than 82% of properties are closing above their original list price. That’s not a bidding war story — that’s a structural market condition driven by sustained demand from tech sector expansion in the area.
At $1,320 per square foot, Mountain View sits between Palo Alto’s premium and Sunnyvale’s value proposition. Buyers targeting Mountain View need to be prepared to offer above list from the first offer — negotiating down from ask is not a realistic strategy in the current environment.
Santa Clara: Fast and Compressed
Santa Clara’s $1,766,558 median and 11-day average DOM tell a story of heavy buyer interest concentrated on mid-tier entry alternatives. Buyers who can’t compete at Sunnyvale or Mountain View price levels are funneling into Santa Clara, compressing timelines and keeping values firm.
At $1,065 per square foot, Santa Clara offers the best price-per-foot ratio north of Campbell and San Jose among the core competitive cities — making it an increasingly attractive target for value-oriented buyers who still want proximity to the county’s tech employment core.
Campbell: Brisk with Nuance
Campbell’s $1,737,500 median and 10-day average DOM reflect a market trading briskly overall, with an important caveat: decision windows are extending in specialized sub-districts. Buyers in Campbell’s more established neighborhoods are moving quickly; those in outlying or transitional sub-districts are taking longer — giving sellers in those pockets reason to price carefully and buyers a window to be more selective.
At $970 per square foot, Campbell is the most affordable price-per-foot option of the six cities for buyers who need to stay within Santa Clara County’s core commute zone.
San Jose: The Inventory Story
San Jose is the only city in the county offering genuine breathing room for buyers right now. Active listings experienced a month-over-month increase of approximately 25.8% — a significant jump that has expanded buyer options across the area. With a $1,452,609 median, 12-day average DOM, and $914 per square foot, San Jose is the county’s most accessible entry point and the only market where buyers have meaningful negotiating leverage.
The inventory increase doesn’t signal distress — it reflects seasonal supply coming online. But for buyers who’ve been frustrated by the pace and competition in other cities, San Jose’s current conditions represent a genuine opportunity to move more thoughtfully.
What to Watch Going Forward
The county-wide sub-12-day median across all six cities is the defining characteristic of this spring market. Whether that pace holds through summer depends on two factors: whether interest rates move materially in either direction, and whether the tech sector hiring picture stays stable. Both are worth monitoring monthly.
Data sourced from current Santa Clara County MLS activity. Market conditions change rapidly — consult a licensed real estate professional for guidance specific to your situation.