Santa Clara, CA 95051 housing market

What this means

• Valuation. Prices are 19% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are up 0.9% over the past year (U.S.: +1.2%).
• Supply. There are 99% more homes for sale than the 2017-19 norm and rising (+85% vs. a year ago), so buyers have more to choose from than before the pandemic.
• Negotiating. Buyer leverage is low (28/100; U.S.: 54): homes typically sell at or above asking (104.0% of list); 23% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 62% of the median household income (U.S.: 35%); it takes about $407k a year to keep the payment at 30% of gross pay. That includes about $1,315 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $6,253/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $350 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from earthquakes. Earthquakes aren't covered by standard homeowners insurance.
• Outlook. No clear direction: likely −8% to +8% over the next 12 months (57% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −8.3% to +8.0% (80% range; middle estimate +0.9%), chance of a rise 57%, of a 5%+ drop 18%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in Santa Clara County, CA