What’s Happening in the San Jose & Milpitas Housing Market Right Now?

The Silicon Valley housing market has shifted from the frenzy of recent years into something more balanced, but still competitive in the right pockets.

Here’s what I’m seeing on the ground:

• Inventory remains limited, especially for well-located, well-priced homes
• Buyers are more selective, but serious buyers are still active
• Home prices are relatively flat, with some variation by neighborhood and property condition
• Interest rates matter, but they’re no longer stopping qualified buyers entirely

In both San Jose and Milpitas, homes that are priced correctly and marketed well are still selling, often faster than expected. Homes that miss the mark tend to sit, get stale, and require price adjustments.