Published October 25, 2026 in Market Update

More choice has come back, but this is still not a loose market

By Brad Bell

Real estate, Sunnyvale & Santa Clara - $1M+

These numbers cover the three months ending August 31, 2026. That is the period to hold in mind as you read.

The one fact that changes what a seller should do right now: the Real Estate Data Aggregator counted 206 homes for sale across Sunnyvale and Santa Clara in the $1M+ market, up 67.5% from a year ago. More competition means your home has to earn its price. It will not sell just by being available.

That sounds like a shift toward buyers. But look at what buyers are actually doing. The Real Estate Data Aggregator counted 335 pending sales across the same six ZIP codes, up 7% from a year ago. Demand did not leave. It is just meeting more supply.

Realtor.com reported that price cuts on listings nationwide reached 20.8% in September 2026, the highest share since October 2022. That is the wider context. It tells you buyers have more leverage than they did two years ago, and sellers who overprice are feeling it.

Realtor.com also reported that mortgage rates topped 7% in September 2026 for the first time since January 2025. That adds to the monthly cost for any buyer financing a purchase. It is part of why homes are sitting a little longer before going under contract.

How each ZIP code is reading

The six ZIP codes do not move together. Some are tighter than they look from the combined number. Here is what the Real Estate Data Aggregator found for each one.

Where buyers are moving fastest

ZIP 94089, near the northern end of Sunnyvale, had the shortest median time on market: 17 days, per the Real Estate Data Aggregator. It also had the tightest supply at 1.3 months. Half of homes there still sold above list price.

ZIP 95051 in Santa Clara had the highest median sale price at $1,805,000, and 56.4% of homes sold above list price. The Real Estate Data Aggregator also counted 103 pending sales there, up 2% from a year ago. Inventory jumped 123.3%, so there is more to choose from, but buyers are still competing.

ZIP 95054, also in Santa Clara, stood out in a different way. The Real Estate Data Aggregator showed median price up 18% from a year ago and 56.7% of homes selling above list, up 18 points. Days on market fell 7 days shorter than a year ago. That is the one ZIP in this group where sellers gained ground year over year.

Prices dipped in most ZIP codes, but not everywhere

Four of the six ZIP codes saw median sale prices slip from a year ago. The Real Estate Data Aggregator put the drop at 10.3% in 94089, 6.3% in 94085, 3.2% in 95051 and 2.9% in 94086. Those are real moves, not noise.

But 95054 was up 18% and 95050 was up 0.6%. The market is not moving in one direction across the board.

Buyers are still paying over list in most homes

This is the part that surprises people. Despite more inventory and longer days on market, homes are still closing above list price across all six ZIP codes. The Real Estate Data Aggregator put the average sale-to-list ratio between 101.2% and 104%.

That means the market is giving sellers more competition, not a collapse. Pricing right still produces offers above asking. Pricing high is where sellers are running into trouble.

The commute story has not changed

Sunnyvale and Santa Clara sit close to Apple's campus off Interstate 280 and to Nvidia's headquarters near US-101. For buyers who work on those campuses, the commute from here is short and direct. That proximity is part of what holds prices up even as inventory rises.

Realtor.com reported a median home price of $1,388,472 for the San Jose-Sunnyvale-Santa Clara metro in September 2026. The individual ZIP codes in this market sit above that metro median, which reflects the commute premium baked into these locations.

What this means if you own here

More inventory means your home is competing against more listings than it was a year ago. The Real Estate Data Aggregator counted 382 new listings across these six ZIP codes in the three months ending August 31, 2026, up 21.3% from a year ago.

Buyers are still there. Pending sales rose 7% combined. But they have more options, so they are taking a little longer. Median days on market rose in five of the six ZIP codes. The one that got faster, 95054, also had the strongest price gains.

The prep and the price matter more now than they did a year ago. A home that is priced at its actual market value and shows well is still getting offers above list. One that is priced for last year's market is sitting.

One last note: the ZIP code numbers are real, but they cover a lot of ground. A block near the Caltrain corridor in 94086 reads differently from one near the Lawrence Expressway. One street can tell a different story than the whole ZIP. If you want to know what your specific address looks like against what actually sold near you, text me.