November 2025 Market Update

Santa Clara County

Monthly sales volume in October 2025 was essentially flat year over year and the number of listings going into contract declined, but luxury home sales soared to the best month-of-October count ever. The pending ratio, a standard measure of market heat, rose to its highest point in six months: Santa Clara County has the highest pending ratio in the Bay Area. 56% of home sales sold for over asking price. Price reductions are well down from their peak in early summer, but higher year over year. The details on these and other market indicators follow within this report.

The market typically slows substantially from mid-November to mid-January, though listing and sales activity continue in every month of the year, and well-priced, well-prepared and effectively marketed homes will often sell quickly for over asking price. However, this is usually the period when buyers can negotiate most aggressively on unsold homes listed earlier in the year.

There were a greater number of listing dropped the price or taken off the market in October 2025 compared to September. This can be due to current seasonal slowdowns.

Listings are beginning to stay on the market longer, and homes are selling closer to—or even below—their list prices, as this is typical during the winter season. 

In 2025, a substantial share of U.S. home purchases have been all-cash transactions. This trend is especially prominent in the Bay Area, where the housing market is closely correlated with movements in the stock market.

Homeowners are staying in their homes longer before selling due to many reasons, including low mortgage and tax rates.

There is significant 2-way traffic between people moving between counties and states, specifically regarding Santa Clara County.

In September and October 2025, the Fed reduced interest rates twice, by a quarter point each time.

The Nasdaq hit a new all-time high in late October 2025.

We anticipate rates to drop next year, so this is a great time to strategize if you’re thinking about moving in the near future.

Questions? Reach out to us at (650) 988-5114.