September split Silicon Valley’s two core counties in opposite directions, and the bigger story isn’t which way prices moved. Santa Clara County saw active listings climb 16.7% to 1,349, yet sold listings fell a steep 67.9% to just 229, and the median sale price softened 5.6% to $1.84M. San Mateo County moved the other way on supply, inventory down 17.3% to 512 active listings, while closings dropped even further, down 73.7% to 97, and the median sale price jumped 15.6% to $2.30M, a number built on so few sales it deserves a second look before anyone calls it a trend. Both counties landed on the same 13 day median time on market this month, Santa Clara got there by slowing down, San Mateo by holding steady. Fewer deals are closing everywhere right now. That’s the real headline.
What these numbers tell you, taken together, is that transaction volume pulled back hard in both counties this month, even as the two markets pulled apart on price and inventory.
The monthly trend in both counties tells a consistent story: prices are not retreating. Median home prices in San Mateo County have been on a slow, steady appreciation path from 2015 through 2026, with the typical seasonal rhythm of spring increases, summer plateaus, and modest winter pullbacks before climbing again. That long-term trend line remains intact. Single-family homes on the Peninsula are forecast to appreciate 3% to 6% through 2026, supported by limited inventory, ongoing tech sector job creation, and sustained demand. Use the toggle below to compare both counties side by side.
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Dawn Thomas | Broker Associate | Team Leader | Engel & Völkers Silicon Valley | Exclusive REALM™ Global Member
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